‘THROW THE BOOK AT THEM’ – MEP CALLS FOR EU PROBE

DUBLIN MEP Brian Hayes has written a strongly worded letter to the EU Competition Commissioner asking her to launch an investigation into possible cartel-like behaviour by the banks in this country.

The Fine Gael politician, pictured, said there were clear indications the banks collaborated to deprive customers of their correct interest rates. He said: ‘I think they should throw the book at them, quite frankly.

‘If we can’t get them in one way, we can get them in another way. Our own response hasn’t been good enough, and I say that quite frankly, but we have to use all the powers at our disposal.’

He pointed out that in 2002, the European Commission had fined eight Austrian banks, the so-called Lombardy Club, for operating a cartel.

‘They can go in if there is evidence of cartellike behaviour. They have swingeing powers to launch an investigation if they see cartel-like behaviour and whether there was an anti-competitive practice in place,’ Mr Hayes said, referring to the European Commission, which has made a €13billion Apple tax judgment against Ireland. ‘We also need to find out what happened here and who was responsible, why it was the case that all the banks operated in this manner, and whether there was a cartel going on,’ he added. ‘I am not personalising this around [EU Competition Commissioner] Margrethe Vestager, but I am saying that we have EU law and that law applies to banks, insurers and every other financial institution.’ Mr Hayes revealed he had also written to the European Central Bank, ‘because they have a role too’. He added: ‘There are questions as to whether, during the EU stress tests, these banks disclosed these practices.’