The Government has been slammed for failing to stand up to the banks over high mortgage interest rates.

Sinn Féin Finance Spokesperson Pearse Doherty TD reiterated that almost four family homes are being repossessed or surrendered each day.

Deputy Doherty said: "Sinn Féin recently introduced a bill whereby a legal process would allow the Central Bank to set a maximum cap on the standard variable rate that the covered institutions (those banks bailed out by the state) can charge.

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"I was disappointed but not surprised that the government voted down the Bill. It is clear then that they will not stand up to the banks on this issue. The bill would have gone some way in addressing the lack of action on the part of the government. Had the government put aside their party political approach to all things, they would have seen the need of this mechanism to rein in the banks.

"When the government voted down our bill and said that they would visit the issue later in the year, they signalled to the banks that they could carry on as they pleased. 300,000 customers will suffer because this government has no notion of protecting them from the avarice of the banks."

(CD/JP)