Doherty: Noonan’s banking policy has “thrown consumers to the wolves”

Sinn Féin Finance Spokesperson Pearse Doherty TD has said the report by the Competition and Consumer Protection Commission shows how Michael Noonan’s key policy of protecting the banks first and has left consumers dealing with a dysfunctional banking system.

Deputy Doherty said:

“The CCPC report shows up how Michael Noonan’s legacy has left the banks cushioned and protected while consumers have been thrown to the wolves.

“The Central Bank too has failed to entice any competitors to the country despite the obvious opportunities given the weakness of the banks that operate here.

“Time after time when it came to hard choices Michael Noonan backed the banks – over arrears and interest rates for example, always refusing to intervene in the interest of the consumer. The result of that policy is spelt out in this report.

“Minister Donohue needs to accept that a ‘banks first’ policy has not worked and will not work. He needs to implement a vision for the banking sector instead of letting it just rumble on knocking down the rights of consumers as it does.”