The President of the Clare Law Association says so-called negative interest from two of the country’s leading banks is ‘unfair’.
It comes after solicitors were notified of some banks’ intention to introduce a charge on funds held in solicitor-client accounts.
Among the monies the levy will apply to are home mortgage loans.
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Clare-based solicitor Patrick Moylan, of O Kelly Moylan Solicitors which has practices in both Ennis and Kilrush, says it’s effectively a double charge.
