Donegal Deputy Pearse Doherty has said that new data shows banks are ripping people off with sky-high mortgage interest rates.
The Sinn Fein TD said banks are making obscene profits by overcharging homeowners already struggling to meet their mortgage payments.
He said “Data released today shows the government is standing idly by and letting banks rip people off in the middle of a cost-of-living crisis.
“Despite four rate cuts from the ECB this year, the average variable mortgage rate is above 4% and well above the EU average.
“Banks are operating with impunity. They boast massive profits, pay no tax, and have no fear that the government will take any action to defend customers.”
The West Donegal TD added means higher mortgage payments for struggling workers and families in the middle of a cost-of-living crisis.
“It is scandalous profiteering that has gone unchecked by government.
“Instead of being held to account, banks are rewarded.
“They continue to benefit from a sweetheart tax deal that allows them to avoid paying any tax on their profits.
“This takes hundreds of millions out of the real economy, out of the pocket of ordinary people, and sucked into unproductive corporate profits.
“The government has leverage but lacks the political will and leadership to act.”
Rip-off mortgage rates continue as banks given free rein to profiteer – Doherty was last modified: November 12th, 2025 by Staff Writer