Enda Kenny (Mayo, Fine Gael) | Oireachtas source

Deputy Martin knows full well the situation that arose when these banks collapsed. He is also aware of the reasons for their collapse. He is further aware that the banks were restructured and that they were then recapitalised by the Irish taxpayer, not for their benefit but for that of their customers. I stated a couple of weeks ago that I am not happy with the situation whereby banks have not passed on to mortgage holders the lower interest rates from which they have benefited. AIB has passed on variable interest rate reductions to all its customers but other banks have not done so. The Minister for Finance and the Governor of the Central Bank met to review the position and the latter has undertaken to carry out further work in respect of this matter.

The statement of Government priorities recognises that promoting and encouraging competition among banks would be in the interests of the people. The Government established the Strategic Banking Corporation of Ireland and the credit guarantee scheme and it also amended section 149 of the Consumer Credit Act.

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