Bank of Ireland had a profit of €1.2 billion last year. AIB reported a profit of €765 million but it expects to grow that even further in 2023.
The banks are making a fortune by using a ‘loophole’ to keep it from taxpayers. They are allowed to write off previous losses to reduce their tax bill.
Bank profits are increasing with rising interest rates. They are making a fortune while over 600,000 mortgage holders face the threat of extra payments. New house buyers already face paying an extra €100 a month.
The government must act to protect people. Here is what they can do:
· Order the banks to put a cap on interest rates under the threat of a windfall tax on their profits.
· Ban vulture funds who are fleecing mortgage holders with super-high interest rates.
· Use the state-owned banks to offer lower rates.
