Building society interest rates
The Minister urged building societies to cut rates in line with banks, but they had so far rejected the request.
asked the Minister for the Environment whether it is his intention to intervene with the building societies to seek their agreement to a lowering of their interest rates.
Comment on this
As the Deputy is aware, building societies reduced their investment rate from 10.75 per cent to 9 per cent in recent months, the most recent reduction taking effect from 1 October 1980. Since then, I have had two meetings with representatives of the Irish Building Societies Association at which I stressed to them the Government's hope that they would effect a further reduction in line with the recent reductions by the associated banks and so enable a reduction in the mortgage interest rate. Regrettably, their response so far has been negative.