The Taoiseach has said he doesn't like the interest rate hikes on credit cards being imposed by Bank of Ireland - but he can do little about it. 

"I don't like this situation where the announcement is made by the bank applicable three or four days before Christmas" Enda Kenny told the Dáil. 

It follows an announcement from the bailed out bank that interest rates on credit cards were being hiked by up to four percent depending on which card you have. 

"To be honest with you this bank is owned by private investors with a 15% shareholding by government and this is an area that is not regulated by government" Mr Kenny said.

Sinn Fein rejects interest hike

The Sinn Féin President Gerry Adams accused banks of "cashing on on people when they are most stretched". 

And he said the government just would not do anything to help people. 

"There is one rule for the banking sector and another rule for the citizens. Have you even spoken to the public interest directors?" he asked.