Bank behaviour during coronavirus national emergency is 'totally unacceptable' says Laois Offaly TD

Sinn Féin TD claims banks are 'profiting'

Leinster Express Reporter

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Leinster Express Reporter

Laois TD Brian Stanley supports repeal of Eighth Amendment in restricted circumstances

Laois Offaly TD brian Stanley

Laois Offaly Sinn Féin TD Brian Stanley has today called on Banks to change their approach towards customers during this crisis.

Deputy Stanley said Sinn Féin wants the Central Bank and the Minister for Finance to step in.

"It is totally unacceptable how the banks are treating customers at this time when workers and small businesses are under huge financial pressure.”

“The fact that Banks are continuing to charge quarterly fees on customers who have the smallest amounts in their accounts is completely out of order. Constituents are complaining that sums of between €15 and €100 were taken from their accounts in recent days. Some who had just received an emergency Covid-19 payment, due to loss of employment, found that the Banks had already taken part of it. All Banks need to end this practice during the current crisis.

"Mortgage holders are also being squeezed. Despite repeated promises from banks of a payment holiday for customers at a time of national emergency, they have refused to ensure that mortgage interest will not accrue for those that can't make mortgage payments because of financial difficulties. This means, that people with an average €200,000 mortgage will pay almost €2,000 more over the lifetime of their mortgage.

"The Banks are profiting out of the crisis.  This comes on the back of their profits increasing massively in recent years but despite this, they don’t pay any corporation tax. These are the same Banks that the taxpayer bailed out.

"Sinn Féin wants the Central Bank and the banks called in by the government and this profiteering to be stopped. Banks need to realise that we are in the middle of a national emergency which is affecting every citizen in Ireland and many people are experiencing real financial hardship,” he said.