171. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance the action he is taking to address the banking sector using high mortgage interest rates in order to maintain high profits; and if he will make a statement on the matter. [73718/25]

Sentiment score: 0.24

There is a significant problem with Irish banks charging very high interest rates to mortgage holders, especially in comparison with UK banks and the spreads in the UK, while at the same garnering record profits. What is the Tánaiste doing about this? Cad atá ar siúl?

Sentiment score: 0.22

Irish banks are making huge profits from charging high interest rates on mortgages. Research by RBC Capital Markets shows that Irish banks are making more than three times as much on mortgages as UK banks by charging higher interest rates. It is the last thing people who are struggling to buy a home need. At the same time, profit levels in Irish banks are at a record high. AIB and Bank of Ireland last year made a combined profit of almost €5 billion and these same banks paid virtually no taxes on these profits. Does the Tánaiste think it is acceptable that Irish banks are making huge profits off the backs of mortgage holders? Does he see that there is a serious problem? Will he do anything to end this rip-off?

Sentiment score: 0.27

Of course interest rates have fallen in the past year. The European interest rates have fallen. Why on earth would they not? The issue is that we have record bank profits and Irish mortgage holders are being over-charged in interest rates compared with other countries. I gave the example of the UK. The spreads in Ireland are more than three times higher than those in the UK. Does the Tánaiste find that acceptable? Is he going to do anything about it? He is simply talking about more banking competition. That has been said by Ministers for Finance in this Chamber over many years, but we are in the situation that people are being ripped off now. Is the Tánaiste going to do something about it or does he find it acceptable?

Sentiment score: 0.15