Ian Guider: Splashing cash to help mortgage holders is not enough – we need more bank competition

Budget measures to help those struggling with soaring interest rates will not last long enough to solve the deep structural issues in the housing sector

Minister for Finance Michael McGrath and Minister for Public Expenditure and Reform Paschal Donohoe. Picture: PA

Be very careful what you wish for. In the last week Bank of Ireland, AIB, Permanent TSB and EBS bowed to political pressure last week to increase their savings rates to 3 per cent, passing on some of the very lucrative money they’ve made since last summer from the European Central Bank’s tighter monetary policy. It may turn out to be a double-edged sword. One group will benefit and surely another group – borrowers – ...