Ivana Bacik (Independent)

Senator O'Brien again expressed, as do we all,condemnation of the failure of some banks to pass on the interest rate cut. It should be stated - this was not alluded to by Senator O'Brien - that since yesterday another bank, the EBS, has announced it will pass on the interest rate cut, which we welcome. It is hoped there will be further progress in that regard during the next 24 hours.

It is clear from the comments of the Minister of State, Deputy Brian Hayes, on radio this morning that the Government is moving towards preparing legislation to address this issue if the banks do not fall behind the interest rate cut. This is what needs to be done, if as the Senator says there is to be a Mexican stand-off every time.