Small- and medium-sized companies in Ireland are being charged 78pc more interest on loans than similar companies throughout the rest of the EU, it was claimed yesterday.
Business lobby group ISME claimed the banking sector was riddled with sharp practices and profiteering, and called for changes to be forced on financial institutions by the Competition Authority.
ISME claimed small firms were being ripped off, bank profits here are the highest in Europe, and there are formidable barriers stopping companies switching banks.
The lobby group claimed Irish small and medium-sized firms (SMEs) were being charged average interest rates on short-term loans of 8.9pc, compared with between 4pc and 6pcin other EU countries. ISME claimed this meant rates for SMEs here were 78pc higher than in the rest of the EU.
