Terry Leyden (Fianna Fail)

People power must come into play if the 0.5% reduction in interest rates is to be implemented. Mr. Joe Duffy and his colleagues on "Liveline" have been quite active in relation to banking over recent times. I hope they will focus on the 0.5% reduction in interest rates today. I ask the Leader of the House to convey to the banks, the Government and the Minister the belief of this House that the 0.5% reduction in interest rates should be implemented immediately. I think that can be done unanimously. I do not think any Member of the House would dissent. The same message could be sent from the Oireachtas to Mr. Hurley and his colleagues in the Central Bank and the Financial Regulator. Having bankrolled the financial institutions to the tune of €400 billion, I think we have some influence in this regard. Those institutions cannot set the views of this House aside. They cannot ignore the opinions expressed by the Leader of the House. This cut should be implemented forthwith and without delay. It is imperative for hard pressed householders who are facing the increased costs of energy as we approach winter.

The cost of the barrel of oil has dropped, but this has not been passed on at filling stations. The owners are saying that they must wait a long time before the price comes down——