SEANAD REPORT:BANKS SHOULD be monitored on an hourly basis by the national media so that the Irish people would know which ones were failing to pass on to customers the internationally agreed interest rate cut of one half of one per cent, Seanad leader Donie Cassidy said.
He called on the banks operating in this country to implement the reduction by 5pm yesterday. The Oireachtas, on behalf of the people, had last week shown its commitment to a strong banking system, he said, and the banks had an obligation to respond.
"This is not a time where they can be considering in any way making profits of any shape or form. This is about the survival of the economy of our country, and they must play their part.
"I call on the national media to monitor this on an hourly basis to see who is not playing their part in the banking world," added Mr Cassidy. His FF colleague Larry Butler said the Minister for Finance should insist on all the banks implementing the cut, which could have a vital influence on deliberations by union members on the latest national wage deal.
Eugene Regan, (FG), said it was very clear that some banks were endeavouring to recapitalise by increasing margins at the expense of Irish consumers, mortgage holders and taxpayers.
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Growing numbers of people were seeking help from the Government-funded agency that had been set up to help people with debt problems, the House heard. Up to September, almost 12,400 new clients had been seen by the Money Advice and Budgeting Service, Minister for Social Affairs Mary Hanafin said. This was equal to the total number for 2007.
