The newly appointed Taoiseach Micheal Martin has said that banks should not profit’ from interest applied to payments deferred during the pandemic, but has stopped short of actually doing anything about it.
Irish banks agreed to allow mortgage and loan holders to defer payments for a number of months. However, bankers were shrewd enough to ensure that interest would still accrue, which will lead to multi-million gains for the banks in the long run.
Mr. Martin has said that he will ‘raise the issue with the banks.’
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