Enda Kenny was said to be furious with the banks. Pic: Fine Gael

THE news that the AIB and the Bank of Ireland will not pass on an interest rate cut to citizens is galling, unacceptable and a precedent that cannot be allowed to continue.

The Government and its members have made numerous calls for this situation to be reversed, yet the AIB have seen fit to ignore a request from the Taoiseach himself to pass on the cuts to the mortgage holders.

The recent rescue of these financial establishments by the Irish citizens was an unprecedented situation, one that the people of this country quite rightly found hard to except.

Now, after these banks stretched the Irish taxpayer to breaking point, they have the temerity to refuse to help ease the difficulty of thousands of Irish customers.

This is, without doubt, unacceptable.

Legislation is needed immediately to prevent such disgusting incidents occurring again, with mechanisms of enforcement including financial penalty where necessary.

Ethics and social conscience may not be terms included in the history of Irish banking but they will be the future, no matter how much legislation is needed to make it so.

The Irish people will not tolerate such shoddy treatment from their mortgage providers and the government must act quickly to ensure they will no longer be let down.

 

Cllr Aidan Pendelbury

Clonakilty