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ECB rate cut must be passed on to mortgage holders – Doherty

5 July, 2012 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty has welcomed the ECB quarter percent rate cut this afternoon and called on the Government to ensure this rate cut is passed to mortgage holders and businesses.

Deputy Doherty said:

“When the ECB last cut its rates, the banks in this state dragged their heels about passing it on, with AIB eventually passing it down and BoI only passing on a marginal rate cut.

“With 115,000 families in mortgage distress and very little help coming from this Government, even from its personal insolvency bill, many people will have been looking to the ECB today and hoping that the rate would be cut and passed on. Businesses also need to see this rate passed to them. They will be hoping that this time the Government will go beyond posturing and ensure the banks follow through on a rate cut. They know that if the rate went up, the banks would be quick off the mark in that regard.

“This is a positive move today, if the Government ensures it is felt by the people who need it the most.”

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