Taoiseach urges banks to pass on rate cuts

Taoiseach urges banks to pass on rate cuts

Taoiseach Enda Kenny has urged banks to pass on the most recent ECB interest rate reduction to variable rate mortgate customers, but says there are no plans to introduce legislation to force them to do so.

Three Irish Banks, AIB, Ulster Bank and National Irish Bank say they will not pass on the latest rate cut announced last week, while Bank of Ireland is passing on only a percentage of the cut of 0.25%

Speaking in the Dáil Enda Kenny said bank bosses would be called to a further meeting with the government in the New Year to try and persuade them to pass on the cuts.

Last month the Taoiseach met with the three main lenders, a meeting which led to AIB performing a U-turn in deciding to pass on November’s rate cut.

Leave a Reply