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Banks urged to pass on rates cut Banks urged to pass on rates cut
(about 24 hours later)
The First and Deputy First Ministers are to lead an Executive meeting with the bosses of the four main banks in NI to discuss the economic downturn. The First and Deputy First Ministers have led an Executive meeting with the bosses of the four main banks in NI to discuss the economic downturn.
Peter Robinson, Martin McGuinness and Finance Minister Nigel Dodds are expected to urge the banks to pass on interest rates cuts to customers. Peter Robinson and Martin McGuinness urged the banks to pass on interest rates cuts to customers.
Mr Robinson said the banks have a role to play in easing the credit crunch on households. "We discussed ways in which banks can help those experiencing difficulties with their mortgages," he said.
He said both he and Mr McGuinness want to "get our economy moving." He said banks had a role to play in assisting vulnerable businesses such as those in the construction industry.
"We have influence with the prime minister and he has power in this area, so we want to see what the banks are going to do," said Mr Robinson. Mr McGuinness said: "In our discussions, we raised with the banks recent cuts in interest rates by central banks as well as the liquidity pumped into the market, which should make a significant impact on the cost of borrowing for both householders and business."
"There are some indications that the reduction is being passed on by at least one of those banks.
"I'd like to see them all passing it on, that's what customers expect."
Earlier this month, the Bank of England cut interest rates by one percentage point, from 3% to 2% - the lowest level since 1951.Earlier this month, the Bank of England cut interest rates by one percentage point, from 3% to 2% - the lowest level since 1951.
It followed a dramatic cut in November.It followed a dramatic cut in November.