- D’Arcy calls Bank of Ireland “traitors to their customers and country” at failure to pass on rate cut

Senator Michael D’Arcy was delighted that following their meeting with the Government this week, AIB have made a major u-turn and agreed to pass on the 0.25% ECB interest rate reduction to their variable rate customers.”I want to pay tribute to the efforts of An Taoiseach, Enda Kenny, in forcing this decision. In the current times every euro is vital to hard pressed families and the Taoiseach has clearly shown that he and the Government recognise the difficulties people face and will fight on their behalf. Fine Gael are a party of the people and we will always stand up for the people“.

Since going into Government earlier this year there has been a fundamental shift in power away from the bankers and back to the people. We are not the party of the Galway tent. Under our governance, the interests of the people, come before the interests of the banks. It is our job to pressurize the banks, not for the banks to pressurize the Government. And that pressure will continue; Bank of Ireland is still obstinately refusing to pass on the ECB rate reduction to their variable rate mortgage holders. Unlike previous administrations, the will of the people and the weight of the Government will be maintained on this issue. Speaking on South East radio earlier this morning, I described Bank of Ireland as “traitors to their customers and country”. I do not say that lightly. The authority of this country is now back in the hands of the elected representatives of the people, and no longer in the fist of faceless bank directors.