South and East Belfast Sinn Féin -- Building an Ireland of Equals

Maskey reacts angrily to failure of banks to pass on interest rate cut to customers

Published: 12 November, 2008

South Belfast Sinn Féin MLA Alex Maskey has reacted angrily to the news that three of the four main High Street banks in the North have, thus far, failed to pass on a central interest rate cut to borrowers. This failure comes a week after the Bank of England slashed its base rate by 1.5% points.


The South Belfast MLA said that it is imperative that banks and lending institutions ensure that the benefits of the Bank of England interest rate cut are passed on to customers.


The South Belfast MLA said,

"The increasing cost of living coupled with the current economic climate is creating dire circumstances for may people here. The Bank of England's 1.5% interest rate cut was quite remarkable and our hope, at the time of the cut, was that it would help stimulate the market and that paramount among the beneficiaries will be those people with mortgages and those on low income who are finding it hard to make ends meet.


"Customers are in desperate need of a break, especially given that many families are coming under added strain as we approach Christmas. That not all those who have mortgages through these banks have benefited from the interest rate cut is deplorable.


"I would warn lending institutions and banks that it is unacceptable for them to be withholding the benefits of this interest rate cut from the public. Any savings from this cut must be passed on to those who are most in need of it."

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