Carthy hits out at Banks’ plans to profit from Covid-19 pandemic

Cavan Monaghan Sinn Féin TD, Matt Carthy, has hit out at what he described as banks ‘outrageous’ plans to profit from the Covid-19 pandemic.

He has supported the call of his party’s Finance spokesperson, Pearse Doherty, that the Central Bank and the Minister for Finance to step in and force banks to step up to the plate at a time of national emergency.

Deputy Carthy said:

“This is a time of national emergency.  It is a chance for banks to show some semblance of humanity and decency.

 

“Despite repeated promises from banks of a payment holiday for customers through the Covid-19 pandemic emergency, they have refused to ensure that mortgage interest will not accrue for those that can’t make mortgage payments because of financial difficulties.

 

“This means, for example, that people with a €200,000 mortgage will pay nearly €2,000 more over the lifetime of their mortgage because of these arrangments.

 

“This is how banks are intending to profit out of this crisis and this is a new low on their part.

 

“Sinn Féin want the Central Bank and the banks called in by the government and this to be addressed as a matter of urgency.  Our Finance Spokesperson, Pearse Doherty, has already been in contact with the Minister for Finance and the Central Bank in relation to this matter.

 

“The fact that banks are already charging double the average EU interest rates for mortgages is indicative of their attitude to customers  and illustrates that the banking culture has not changed.

 

“The banks need to step up now and waive all interest during the period of emergency for those who have trouble paying their mortgage.  Their efforts to profit from this emergency mark a new low and must not be tolerated.”

ENDS

Carthy hits out at Banks’ plans to profit from Covid-19 pandemic

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