BANKS PLANNING TO PROFIT FROM COVID-19 PANDEMIC, SF TD CLAIMS

2 April 2020 No Comments by The Northern Standard

Cavan/Monaghan Sinn Féin TD Matt Carthy has hit out at what he has branded “outrageous plans by the banks to profit from the Covid-19 pandemic”. Deputy Carthy supported the call of his party’s Finance Spokesperson Pearse Doherty TD for the Central Bank and Minister for Finance Paschal Donohoe TD to intervene in order to “force banks to step up to the plate at a time of national emergency”.

“This is a chance for banks to show some semblance of humanity and decency,” Deputy Carthy told the Northern Standard this week. “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 who 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 arrangements. “This is how banks are intending to profit out of this crisis and this is a new low on their part. SF wants the Central Bank and the banks to be called in by the…

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