Bank interest-rate reductions
Senators argue over whether banks should pass on the ECB rate cut to variable-rate borrowers; Senator Coghlan says banks must operate independently and within the law.
I was slightly amused by Senator Darragh O'Brien's remarks. We all welcome the ECB interest rate reduction, but I must inform the Senator that we cannot continue to babysit or micro-manage the banks. The banks are independent and must become profitable again in order that the State can be paid all of the money it is owed.
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On the backs of people who are paying-----
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Senator Paul Coghlan is talking about the Central Bank.
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The banks are dependent on the State.
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Those opposite should not interrupt me.
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The Senator is referring to the Central Bank.
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The banks must act within the law and the parameters set for them. Senator Darragh O'Brien knows that well. I am just answering him.