Madam, – It is very surprising that there have not been more objections and protests about the increase in mortgage rates by some lenders. The shocking increase in fixed rates by Permanent TSB is loading more weight onto the backs of citizens. These banks have benefited from the guarantee and support from the Irish people!
It is now crucial that some form of price control be imposed on these banks. In the 1970s, we had a National Prices Commission, chaired by Prof Louden Ryan, which controlled prices in general. The prices division of the then Department of Industry of Commerce provided the staff.
Considering the tooth-and-claw capitalism evidenced by these banks, it seems more than appropriate to set up the National Prices Commission again, with a new remit to include interest rates. The price of bank mortgage interest rates should be the first item on the agenda of the newly constituted commission.
Prospective politicians might take note. – Yours, etc,