Alex White (Dublin South, Labour) | Oireachtas source

I am anxious to clarify the matter. The Minister for Finance, Deputy Michael Noonan, said yesterday:

I am calling in the senior management of the six major lenders in the market in Ireland, and I will present them with the evidence from the Central Bank, and I will say to them I think they should reduce their interest rates and that we want to discuss it, and I will want them to explain why they cannot, but we would prefer it if they did. If you call that pressure, that is pressure, but I would see that as a discussion [with the banks] in the normal way. But I do not have legal authority to direct [the banks].

That is the position. If anybody in this House is able to tell me or the Minister it is wrong, I am all ears.

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