John Gerard Hanafin (Fianna Fail)

Senator Ross rightly mentioned the 0.5% reduction in ECB interest rates. On previous occasions the Oireachtas has obliged financial institutions by abolishing items such as redemption fees, which were iniquitous, and applications fees, which were unjust. Unless rates are voluntarily reduced on time, we should consider legislating so the banks pass on interest rate reductions immediately.

The House should extend its thoughts to the workers of Miza. It is particularly poignant that they have lost their jobs at Christmas time. There is a guaranteed market for the product and I understand it is the overhang of a large amount debt which is causing problems for the company. Our thoughts are with the workers at this time.