Michael Noonan (Limerick City, Fine Gael)

It is not possible for any regime to control the interest rates that are charged without controlling the interest rates on deposits at the same time. The two of them have to go together. If the Deputy would like to make some proposals, we will consider them carefully. We would welcome them. The Deputy Governor and Financial Regulator, Mr. Matthew Elderfield, is very active in this regard. He is pursuing results on the basis of his current powers and his powers of persuasion, rather than seeking additional legislation. We will see how that works.

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