Brian Lenihan Jnr (Dublin West, Fianna Fail)

I will assist the Leader of the Opposition on the question of the interest rate cuts. Last Monday and Tuesday, I attended a meeting of ECOFIN and meetings yesterday and today have been attended by the governor of the Central Bank, Mr. John Hurley. I welcome the European Central Bank's announcement of a cut in interest rates, which I expect our banks to pass on. In the case of tracker mortgages, they are obliged to do so. It would also be essential in terms of their competitiveness to pass on cuts, not only to those purchasing properties on variable mortgages, but to small and medium-sized enterprises in need of credit.

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