Eamon Gilmore (Dún Laoghaire, Labour)
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Question 199: To ask the Minister for Finance if his attention has been drawn to the fact that a number of financial institutions (details supplied) recently increased mortgage interest rates for all first time buyers by 0.4% in the immediate aftermath of the decision of the European Central Bank to cut rates; his views on whether such an increase is appropriate, particularly in view of the level of financial supports provided by the State to financial institutions; and if he will make a statement on the matter. [11669/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I have been informed by the Financial Regulator that all of the covered institutions have fully passed on each ECB interest rate cut to owner occupiers since the bank guarantee scheme was introduced and that this will be so for the latest ECB cut announced on 5 March 2009. I have also been informed that since the bank guarantee scheme has been in place, on average, cuts in ECB rates have been passed on within one month of the ECB announcement allowing time for adjustments to administrative support systems