Proposed new charges from two of Ireland’s largest banks are deeply unfair to home buyers and other consumers.

See why the Law Society is is calling for solicitor client accounts to be exempt from so-called negative interest: https://t.co/QYJqWcI6IL pic.twitter.com/DBHuQGlEES

— Law Society Ireland (@LawSocIreland) February 8, 2021

This afternoon.

Further to the introduction by AIB and Bank of Ireland of a new charge, ‘negative interest’, on all monies including home mortgage loans held in solicitor client accounts….

“The banks have wrongly included solicitor client accounts in their general application of negative interest rates, which they maintain apply to savings accounts. Solicitor client accounts are not savings accounts; they are a necessary part of commercial and conveyancing transactions.

“Put simply, when a person is paying out their borrowed money to complete the property purchase they will have less money than when they received the loan. A similar situation will exist for those who are selling and paying off a mortgage. As a direct result of this charge, they will need to have additional money to make up the difference.”

President of the Law Society of Ireland, James Cahill

Meanwhile…

These new Bank charges are not charges on Solicitors but on the monies we have to hold by Law in the main Banks. These charges are often on monies already borrowed to buy a house or a business transaction. These charges are on the monies of ordinary individuals not Solicitors https://t.co/Erpy9Y3I2Z

— Richard Grogan & Ass (@GroganRichard) February 8, 2021

Fight!

Law Society calls for client account exemption from new bank charges to reduce unnecessary financial burden on prospective home buyers (Law Society)