Sinn Fein is calling on banks to scrap interest payments for those people taking breaks on their loans due to the pandemic.
Several banks introduced a payment break scheme early in the health crisis, but expressly specified that interest on skipped payments will still accrue, which will lead to substantial financial gains for the banks in the long run. The Government specifically refused to introduce legislation to prevent this loophole.
Sinn Fein TD Pearse Doherty is calling for that decision to be reversed, adding that the practice amounts to ‘licensed robbery.’
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