Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach to meet with Bank of Ireland, AIB, Permanent TSB, and Banking and Payments Federation

Committee Cathaoirleach Deputy John McGuinness said: “This engagement with the three pillar banks follows our wide-ranging discussions last week with the Governor of the Central Bank of Ireland regarding the banking sector. One area we are particularly focused on is the impact of the interest rate rises from the European Central Bank and inflation since the Russian invasion of Ukraine in February 2022.

“These ten successive rises have seen the ECB rate increase from 0.25 per cent to 4.75 per cent announced last week. This has heaped strain on mortgage holders, in particular those with tracker mortgages linked to the ECB rate, when householders are already under pressure from the increased cost of living caused by inflation.

“Another area of interest is the defective block redress scheme which is being developed by the Government for homeowners affected by defective concrete blocks containing excessive amounts of mica or pyrite. The Committee looks forward to discussing these issues and general banking matters with the representatives of Bank of Ireland, AIB, Permanent TSB and the Banking and Payments Federation.”

The Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach has 14 Members, nine from the Dáil and five from the Seanad.

The meeting in Committee Room 3 can be viewed live on Oireachtas TV.

Committee proceedings can also be viewed on the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.