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Sinn Féin welcome OFMDFM meeting with Banking Sector.

16 December, 2008




Sinn Féin MLA for South Antrim and economic spokesperson, Mitchell McLaughlin has welcomed the meeting proposed by The First and Deputy First Ministers to lead an Executive meeting with the bosses of the four main banks in the North to discuss the economic downturn.

Speaking after the announcement Mr McLaughlin said:

"Sinn Féin welcomes the meeting between the OFMDFM, the Executive members and the local banking sector. This is a meeting that needs to happen given the current economic climate and the role that the banking sector has in easing the burden on its customers.

"Customers are currently not receiving the full benefits of the recent cuts in interest rates. Some banks are not passing the full cuts onto customers while others are increasing lending fees and charges to compensate themselves.

"Any savings from interest rate cuts must be passed on to those who are most in need of it in both the commercial and domestic economic arenas. These cuts were not designed to solely help the banks and their shareholders, they were designed to benefit customers and help stimulate the economy."

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