Tánaiste asks banks to reconsider decision not to cut rates

Tánaiste Eamon Gilmore has called on the banks to reconsider their position on interest rate reductions to mortgage holders.

Eamon Gilmore said if they do not reconsider, the Government will take 'action as appropriate'.

He said the Government had made clear to the banks that they are considering the introduction of legislation to force the banks to pass on the rate cuts. He said it was awaiting the assessment of the Financial Regulator, Matthew Elderfield, on the matter first.