Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

Has the Tánaiste received an indication, orally or otherwise, of the view of the Financial Regulator and the Governor of the Central Bank on this matter? Will their assessment be the final determinant as to whether the Government proceeds with legislation, or will it act as the duly elected and accountable representatives of the people in their interests, irrespective of the position adopted by the Financial Regulator and the Governor of the Central Bank who might for their own reasons have a view that introducing legislation is not the way they would wish to proceed? The only way we can guarantee and protect the interests of the ordinary people is by the Government legislating to compel the banks to pass on not only the most recent interest rate reduction but also all future cuts, as a matter of course. Will the Tánaiste give an assurance to the House that the Ministers named who engaged with bank representatives yesterday will act in the interests of the people in the first instance and not be deflected from their declared intent by any side interests on the part of people in positions of responsibility, namely, in the Central Bank?

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