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Written Answers - Banking Sector Regulation

Thursday, 9 February 2012

Dáil Éireann Debate
Vol. 755 No. 1

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 46.  Deputy Finian McGrath Information on Finian McGrath Zoom on Finian McGrath  asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan  the position regarding the European Central Bank and mortgage repayments in respect of persons (details supplied) on welfare. [7351/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I assume the Deputy's concern is about mortgage lenders not passing on European Central Bank interest rate cuts. Neither the Central Bank nor I have any responsibility for the variable mortgage interest rates charged by mortgage providers. I have no power to compel mortgage providers to pass on European Central Bank interest rate cuts. Ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial decision for the management team and board of each lending institution, having due regard to their customers and the impact on profitability, particularly where the cost of funding to each lending institution, including deposit pricing, is under pressure.


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