Commenting on the most recent Central Bank report on retail interest rates for May, Brokers Ireland said not only are Irish mortgage holders paying much higher interest rates than their euro area counterparts but Irish SMEs are being “absolutely fleeced” by comparison with their euro area businesses.
Rachel McGovern, Director of Financial Services at Brokers Ireland, which represents 1,250 Broker firms, said the differential means that Irish SMEs are paying a whopping 3.51 percent more than their euro are counterparts.
“We have never more needed our SME sector than we do now. On the basis of today’s figures an Irish SME borrowing €100k over a five year term would have to repay almost €9.5k more on average than its Euro area counterpart over that five years for the same loan,” she said.
With a €50,000 loan for the same period the differential would be €4,704.60.
“The Government must address this
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