Seanad debates
Thursday, 12 June 2003
Interest Rates Reduction: Statements.
The right thing for the banks to do would be to pass on the benefit of the ECB rate cut in full to consumers. Any decision not to do so damages the standing of the lending institutions among customers and, in particular, the business community. In the long-term, it will only encourage them to take their business elsewhere. I urge the banks to face up to their responsibility, consider the long-term interests of the economy and pass on this reduction in full.
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