Mary Harney (Dublin Mid West, Progressive Democrats)

In regard to the matter of passing on the interest rate cut, liquidity is important for banks and so too are customers. There is good competition in the banking sector for depositors and for mortgage holders and I expect the reduction will be passed on to the customers of banks. Two banks have already indicated that and I am certainly hopeful the others will do so.

In regard to the question of the Dáil meeting on Monday to discuss the issue, I do not want to give a commitment that the Dáil may meet on Monday and find we cannot meet that commitment. That would lead to confusion. It is the Government's intention that the Dáil will discuss this matter at the earliest possible opportunity. The Minister for Finance will be in touch with Deputies Bruton, Burton and other Deputies in regard to this matter over the next couple of days and as soon as he has had a response from the ECB and the Commission.

In regard to the appointments made in June, they are prohibited under section 169 of the relevant Act and were, therefore, ultra vires. That matter was brought to the attention of the Minister recently.

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