Mayo Fianna Fáil TD Beverley Flynn is urging banks to pass on the .5 per cent interest rate cut made by the European Central Bank last week to all bank customers, and not just mortgage holders.
Deputy Flynn said it was vital that banks pass on the cut to all customers, particularly for the small to medium sized businesses which are suffering at this time.
“A number of banks have said they will pass on the cut to mortgage customers, and while this is welcome, I believe it should also be passed on to other customers. Interest rates are now at two per cent, they have only once been this low before. Banks should not only pass on the interest rate cuts to all their customers, they should also free up money for small businesses that need it so much right now.
“Both ordinary account holders and business people are still finding that they are running into difficulty when trying to access money from banks. This is making it difficult for people to survive through what is the toughest economic period in recent history.
“Passing on the benefits of the cut to all customers is in everyone’s interests because it will help stimulate the economy and I want to urge the banks to do the right thing here and to pass on the benefits to their customers,” she concluded.
