Gilmore: Govt determined to see rate cuts passed on
The Tánaiste has warned banks who are not passing on the interest rate cuts to reconsider their position or face government action.
The two pillar banks, AIB and Bank of Ireland, yesterday defied the Taoiseach and Tánaiste telling them they would not pass on the .25% cut.
Enda Kenny phoned the Financial Regulator and asked him to report quickly what action he believed the Government could take.
Eamon Gilmore told the Dáil the banks would be confronted and that struggling homeowners would get their rate cut.
"The Government is very determined on this issue," he said. "The interest rate reduction which has been announced by the ECB has to be passed on to the customers. That was made very clear yesterday by the Government."
