Eamon Gilmore (Dún Laoghaire, Labour)

I agree with Deputy Kenny regarding the reduction in interest rates. That all of the main central banks in the world co-operated yesterday is unprecedented. It is the first time we have seen major international regulation and control of banking. The mortgage holder, the business that has a loan from a bank, and the customers of banks should benefit from that. It would be unthinkable for the banks not to pass on that reduction in interest rates to their customers. The Government should direct the banks here to do so given that the relationship between Government and the banking system is entirely different from what it was.

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