Tipperary Fianna Fáil TD Jackie Cahill is calling on the Government to introduce a windfall tax on banks operating in Ireland who fail to pass on interest rates increases to their customers’ savings.
Deputy Cahill’s intervention follows the Financial Times reporting that Irish banks rank last among the UK, US, Eurozone and 18 other European countries in passing on interest rates gains to savers in Irish banks.
The Thurles based TD says in recent months the profits of the three pillar banks have increased as a result of rising interest rates. Both AIB and Bank of Ireland in recent weeks have announced profits for the first six months of the year of over €1Billion each, far in excess of their forecasted profits.
Deputy Cahill has submitted his request to party leader, An Tánaiste, Micheal Martin and the Finance Minister, Michael McGrath as Budget 2024 is being prepared.
