Cork South Central TD and Fianna Fáil Spokesperson on Financial Sector Reform Michael McGrath TD commented, “During the recent election campaign Fine Gael stated that it would act to prevent state-supported banks from automatically passing on interest rate increases to mortgage holders. In light of last week’s ECB rate rise, the Taoiseach was this afternoon asked by Fianna Fáil leader Micheál Martin what would be done to prevent banks from automatically increasing mortgage rates. The Taoiseach’s response was to say effectively nothing.”


“Any objective observer can look at this and see that Fine Gael is in the process of abandoning another high-profile election promise which was cynically targeted at a group under serious financial pressure. Mortgage holders are just the latest group to see election promises made by this government abandoned as soon as their votes were counted.”