Ireland’s three main banks are offering to pay out millions of euro in interest-free loans to mica homeowners.

The Business Post reports that AIB, Bank of Ireland and Permanent TSB have submitted a proposal to the Department of Housing to offer zero-interest finance to assist affected homeowners.

This comes months after angry homeowners slammed banks for “profiteering” from the defective blocks scandal, as they are forced to take high interest rate loans to rebuild their crumbling homes.

The government has launched a 3 billion euro redress scheme, but the money must be drawn down in stages, leaving many trying to access loans to bridge the gap in finances as they rebuild their homes.

Angeline Ruddy – one of the homeowners affected by the defective bricks in Donegal – is skeptical of the banks’ new proposal, saying the use of the word ‘could’ in the phrasing is not very promising.