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Lenihan must ensure that all banks pass on mortgage rate cut – Morgan

5 December, 2008

Sinn Féin Finance Spokesperson Arthur Morgan TD has called on Minister for Finance Brian Lenihan to ensure that all banks to pass on to customers the full interest rate cut announced by the European Central Bank yesterday.

Speaking today Deputy Morgan has said, "While some banking institutions announced last night that they would pass on the full cut in interest to home owners we are still waiting on other banks to make an announcement on the rate cut.

"As banks have benefited from the tax payer though the guarantee scheme, they have a responsibility to pass on any interest rate cut to their customers.

"The Minister for Finance has supported the banking sector though the guarantee scheme and he must now use his influence to ensure that banks live up to their obligations." ENDS

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