16/01/2009

Fine Gael Call For Interest Rate To Be Passed On

A Fine Gael's Enterprise spokesman has called on the Government to ensure the recent interest rate cuts are passed on to the Irish public.

TD Leo Varadaker said all banks must follow the lead set by AIB, Bank of Ireland, Halifax and Ulster Bank by passing on the rate cut in full.

The European Central Bank's (ECB) announced an interest rate cut of 0.5% today, which could bring savings of up to €82 per household on mortgage payments.

"I very much welcome the ECB's decision to cut interest rates by 0.5%. But hard-pressed homeowners must see the benefits of this move through lower mortgage repayments. It is vital that every Irish bank passes on the ECB's interest rate cut in full.

"Banks which refuse to pass on the cut will make massive amounts of money on the backs of families and businesses," he said.

Mr Vardaker added: "AIB, Bank of Ireland, Halifax and Ulster Bank have taken the lead by announcing they will pass on the interest rate cut. All other banks and lending institutions operating in Ireland must immediately follow suit."

(DW/BMcC)

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