Murphy calls on Government to intervene in rising interest rates

Wexford independent TD Verona Murphy is asking the Government to intervene and have AIB lower it’s mortage interest rate in line with the EU

Deputy Murphy’s call come after the European Central Bank is expected to indicate today that it will be raising interest rates by a quarter of one percent from July.

The ECB move is an attempt to dampen inflation which is running at over 8% in the eurozone, way above the bank’s target of just 2%.

Verona Murphy says Ireland’s interest rates are way above countries like Finland and Portugal and because AIB is in State ownership, the Government should instruct the bank to lower it’s rates to a more tolerable level