Letter: Pay-back time

With the official bank rate running at 0.5 per cent, the high street banks are having a field day in charging up to 6 per cent for mortgages, 18 per cent APR for credit cards and adding imaginative charges for accounts as they see fit.

This places the banks in a very profitable position, which is bad news for the borrower but good news for the taxpayer as we can now look forward to an early repayment of the money used to bail them out of their massive financial failure.

DENNIS GRATTAN

Mugiemoss Road

Bucksburn, Aberdeen