Last year’s budget’s promise to alleviate the impact of rising interest rates has fallen short, according to the Central Bank’s recent report. The scheme, costing €120 million annually, primarily benefits older homeowners with tracker mortgages, neglecting those facing steep interest rates exceeding 6%. The bank urges a revision, limiting assistance to those with rates above 6%, preventing unnecessary tax breaks and potential inflation of housing prices. Emphasizing the social welfare system as more effective, the report warns against perpetuating a plan that could bolster lender profits without addressing the market’s core issues.
