Banks accused of a ‘cash grab’ for failing to pass on ECB cuts to mortgage holders

Banks accused of a ‘cash grab’ for failing to pass on ECB cuts to mortgage holders

Banks are being given ‘free pass’ to squeeze mortgage holders, Sinn Féin says

Sinn Féin finance spokesman Pearse Doherty said the Government is giving banks a 'free pass'. Photo: Gareth Chaney

Banks have been accused of engaging in a “cash grab” by failing to pass on all of this year’s the European Central Bank (ECB) rate cuts to mortgage holders.

Sinn Féin finance spokesman Pearse Doherty said the Government should call in the banks to its offices to demand that they stop withholding the benefit of lower rates from mortgage holders.

He claimed the banks have not passed on the full benefit of any of this year’s four ECB rate cuts to their customers.

“Government is standing by and letting banks rip peop