Minister McGrath questions Central Bank on vulture fund rates

Michael McGrath, the Minister for Finance, wants a formal response from the Central Bank to a letter his officials wrote to the regulator asking whether it needs more legal powers to help tens of thousands of mortgage holders who are trapped paying high interest rates to overseas funds.
.......The Minister says he is “concerned” for such mortgage holders, many of whom are trapped in rates that are double the market average and can be as high as 7 per cent. .......In response to calls for it to introduce interest rate caps, the Central Bank has repeatedly said it has no legal mandate to interfere in the setting of interest rates by lenders.

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