Anger over Government’s lack of action passing on ECB rate cuts

FARMERS are enraged that the Government has made no progress in forcing Irish banks to pass ECB interest rates cut on to customers.

The IFA has slammed the Government’s seeming inability to exert influence over the main Irish banks, who yesterday said they intend to maintain the independent setting of interest rates. The matter was raised in a heated Dáil debate between Taoiseach Enda Kenny and Fianna Fáil leader Micheál Martin.

IFA president John Bryan said there is increasing anger among farmers as the banks increase the costs of borrowing for existing farm and other small business customers and refuse to pass back ECB rate reductions.