Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I will not comment on remarks made by Members of the European Parliament, including former Minister of State, Brian Hayes. There is no standard interest rate across the European Community from which we vary. There are variations in every country. There are different rates in different countries, depending on circumstances. In our circumstances, as a result of the impairment of the banks and the fact that they were insolvent, we are at the upper end of the spectrum. I hope that competition in the system will drive interest rates down and make the banks more competitive. It would suit the economy and job creation.

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