We’ve heard a lot of tough talk recently from the so called Financial Regulator, Matthew Elderfield, and various ministers warning banks not to increase mortgage rates and to reduce rates in line with the ECB reductions.
Well, we can see from the two fingered response of NIB and other banks to the latest ECB rate reduction that all the government tough talk is nothing but hot air.
The Government can do nothing to force the banks to comply with their wishes, the banks can and will continue to screw their customers with complete impunity.
Many people are puzzled that while most of the banks belong to the state (the people) the government seems powerless to tell them what to do.
In reality, of course, the banks are not owned by the state.
They are in ‘pretend’ ownership until all the billions recklessly gambled, robbed and wasted by the banks is either paid immediately by current taxpayers or set aside to be paid for by generations of taxpayers to come.
As soon as the time is right, the banks will be handed back to the greedy criminals and the corrupt roundabout will continue to turn.