Banks may face sanctions for refusing to cut rates

October 1, 2015 MyHome.ie by MyHome.ie
Banks may face sanctions for refusing to cut rates

Sanctions for banks that consistently refuse to slash variable interest rates for mortgage customers are being considered ahead of Budget 2016.

The Coalition has been discussing whether to hike the current bank levy as a means to punishing lenders who fail to comply with requests to lower the rate of interest.

However, some ministers are now stressing the fact that banks are putting forward a number of "options" for variable rate customers as a means of reducing monthly payments.

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