Michael Noonan (Limerick City, Fine Gael)
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The interest rates that financial institutions operating in Ireland grant or charge to customers are determined as a result of a commercial decision by the institutions concerned. The interest rates in question are determined by a broad range of factors such as the European Central Bank base rates, deposit rates, market funding costs, the competitive environment and an institution's overall funding. The Government must maintain a balance between the support provided for individual banks and financial service providers generally through the bank guarantee scheme, other financial support incentives and broader public policy provisions, while, at the same time, ensuring that the day-to-day running of these institutions has regard to competition, market conditions and the need to develop stable commercial enterprises to meet the long term credit needs of households and businesses in the Irish economy.