Taoiseach Simon Harris has welcomed the European Central Bank's decision to cut euro zone interest rates and reiterated his call for banks to pass the change on to customers.
The Taoiseach has welcomed the European Central Bank's decision to cut euro zone interest rates and reiterated his call for banks to pass the change on to customers.
The rate on its marginal lending now stands at 4.5%, while its deposit facility interest rate is 3.75%.However, it is unclear if banks will do so immediately. Speaking on RTÉ's News at One, he said:"Where interest rates went up in line with the ECB changes then they should fall as ECB interest rates come down. I think that is the key point."He said the cut is against the backdrop of ten increases that amounted to 4.5%.
"Over the last two years, which has seen a series of ten separate interest rate increases, lenders have sought to take a balanced approach in the pass-through of these rates mindful of the cost of living challenges which households have had to contend with," Mr Hayes said.
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