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Morgan calls for benefits of interest rate cut to be passed on to local authority mortgage holders

6 November, 2008


Speaking in the Dáil this morning Sinn Féin Finance Spokesperson Arthur Morgan TD called on Finance Minister Brian Lenihan to ensure that the benefits of the expected European Central Bank interest rate cut are passed on to local authority mortgage holders. He said the benefits of last month's cuts have still not been passed on to local authority mortgage holders.

Deputy Morgan said, "I hope the Minister for Finance's comments on the banks passing on the expected ECB interest rate cut later today is correct. Will he ensure local authority mortgage holders receive the same benefit because as of now, local authority mortgage holders have still not received the benefit of last month's cut?

"Whatever about the grey area of the Minister's authority there is no grey area with regard to local authority mortgage holders. I ask the Minister to assure the House the interest rate cut will be passed on. Will the Minister give that assurance?" ENDS

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