Draghi: Irish banking market a 'quasi-monopoly'
ECB chief faces questions on bank's actions during financial crisis in first appearance before Oireachtas committee
European Central Bank president Mario Draghi faced questions on the bank’s stance on Ireland during the financial crisis when he appeared at the Oireachtas Committee on Finance, Public Expenditure and Reform and Taoiseach on Thursday afternoon.
He also said there was a need for more competition in the Irish banking market to reduce borrowing rates for households and businesses, describing the current situation as “a quasi-monopoly”.
Draghi faced a number of questions about howthe relatively high level of interest rates charged for loans by Irish banks to individuals and businesses could be brought into line with levels elsewhere in the euro zone.
