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Corcaigh, Ireland

Tag "ECB"

Local TD calls for legislation on banks

DUNMANWAY-based Labour TD Michael McCarthy is calling on the Government to give more powers to the financial regulator to force banks to pass on ECB interest rate reductions to customers. Deputy McCarthy said that the ECB had reduced rates to help ordinary people and not to increase profits for banks.

The Failure of banks to pass on interest rate cut raises legislative questions

THE news that the AIB and the Bank of Ireland will not pass on an interest rate cut to citizens is galling, unacceptable and a precedent that cannot be allowed to continue. The Government and its members have made numerous calls for this situation to be reversed, yet the AIB have seen fit to ignore a request from the Taoiseach himself to pass on the cuts to the mortgage holders.