Kenny yet to act on rate cut failure

ENDA KENNY has admitted he has done nothing to prepare legislation that would force banks to pass on interest rate cuts to variable mortgage holders.

In an admission likely to infuriate struggling home owners, the Taoiseach said that no such legislation had been drawn up because the Financial Regulator, Matthew Elderfield, had not requested it.

The lack of legislation comes despite billions of taxpayers’ money being pumped into the banks and coalition promises to secure interest-rate cuts for variable mortgage holders.