Homeowners must see a reduction in their mortgage interest rates, according to Social Democrats acting leader Cian O’Callaghan.
Deputy O’Callaghan, who is the party’s new spokesperson on finance, said:
“The European Central Bank decision to reduce interest rates by 0.25 per cent today should mean relief for under pressure mortgage holders.
“Homeowners have been under immense pressure in recent years due to soaring interest rates.
“Despite consistent reductions from the European Central Bank since then, banks have generally failed to pass on these savings to mortgage holders.
“At the same time, Irish banks have watched their profits skyrocket.
“Individuals and families are still forking out thousands to keep a roof over their head while first-time buyers must factor in record breaking property prices on top of high interest rates.
“This is unacceptable profiteering in the midst of an unprecedented cost of living crisis.
“With the European Central Bank reducing interest rates today, these cuts must be immediately passed on to homeowners.”
January 30, 2025