Seanad debates

Thursday, 12 June 2003

Interest Rates Reduction: Statements.

 

10:30 am

Photo of Terry LeydenTerry Leyden (Fianna Fail)

These are documents held in trust or safe keeping by a bank and they may include prize bonds, other bonds, shares or certificates. The Government should direct that this area be investigated, as this is an important issue.

I appeal to the AIB, as I am a customer there, to bring down their interest rates to the minimum level possible. Savers are getting a bad deal at present, yet nobody seems to be expressing concern about those who have savings in the banks. The interest rate for savings in negligible at present and virtually no interest is accruing on savings.

A rip off is taking place in regard to credit cards. We need a strong consumer organisation to raise this issue. While the Irish Consumer Association is doing its best, it is underfunded. The State should provide some assistance to that association to help strengthen it in order that it can play more of a watchdog role in regard to all consumer issues.

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