A Sligo councillor has called for the Minister for Finance to explain the reason for what she says is the delay in having competition in the banking sector.
Independent Councillor Marie Casserly told a council meeting yesterday (Mon) that the average standard variable mortgage rate in Europe is 1.83% while in Ireland it’s 3.5%.
She proposed that the council write to the minister seeking an explanation for this.
Cllr Casserly says the solution lies in establishing a public banking system, like what operates in Germany.
She also says these public banks support regional areas: