Eamon Gilmore (Dún Laoghaire, Labour)

The Government has made its position very clear to the banks which I hope will reconsider the position they outlined to us yesterday. They know, as we do and everybody knows else, that when the ECB reduced the interest rate, the intention was that it would be passed on to customers and that the money would not be pocketed by the banks. We are considering whether we should legislate to deal with the matter. I think Deputy Ó Caoláin will agree that it would be prudent to take the advice of the Financial Regulator who is independent..

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