Central Bank reassures Michael McGrath that Irish lenders are passing on deposit rate hikes

The push comes amid a flurry of criticism for what is seen as a lack of competition in the banking sector

Interest rates have crept upwards in Ireland, but still lag behind their EU counterparts. Picture: Getty

The Central Bank has reassured Michael McGrath that its efforts to push banks into increasing interest rates on consumer savings accounts are now starting to come into effect, the bank has said.

According to the Department of Finance, the Central Bank has recently told the finance minister that it has “called out the need for banks to do more in passing on the higher interest rates to their savings customers”, and that this “has now ...