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Taoiseach fails to stand up to Banks – Adams

15 November, 2011 - by Gerry Adams

Sinn Féin President Gerry Adams TD today challenged the Taoiseach on the failure of the government to compel some of the Banks to pass on the ECB interest rate reduction to customers.

Speaking during Leaders Questions the Sinn Féin leader pointed out that on 4 November the Taoiseach had said he would consider introducing legislation to compel the banks to pass on the ECB interest rate reduction to customers.

Mr. Adams said: “However when I challenged the Taoiseach on this today he failed to provide any information or any leadership on this vital issue of public concern that is adversely affecting tens of thousands of families in mortgage distress”.

The Sinn Féin leader said:

“The avalanche of press releases from Fine Gael backbenchers following the Taoiseach’s commitment to bring forward legislation is evidence that they too are well aware of the distress of mortgage holders

“While the government has called on the banks to do the right thing Bank of Ireland and Ulster Bank continue to defy the Government. National Irish Bank has actually increased their rates.

“Thus far, despite billions of taxpayers’ money having been ploughed into the banks and bankers and bondholders having been bailed out, the government has failed to produce the promised legislation.

“The banks defy the government, and the people pay the price.” ENDS

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