Seanad debates
Thursday, 12 June 2003
Interest Rates Reduction: Statements.
I read an interesting newspaper article which stated the Minister for Finance would have to look again at the levy he was charging banks. The statement was not attributed to the Minister but one could read between the lines –"Buck up, boys, or you will have another big levy imposed." I know the Government cannot say this openly. The financial regulator, the Director of Consumer Affairs, Ms Foley, and the Competition Authority are looking at the banks but it is we, the little people, who stood to lose during the week if action had not been taken. The country as a whole stood to lose in an economic sense if the benefit of the interest rate cut had not been passed on.
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