James Carroll has welcomed the move by the European Central Bank to cut its interest rate by half a percentage to a record low of 1.5 per cent.

He is calling on all banks to pass on the cut to their customers.

“It is vital that banks pass on the cut to all customers and to businesses”, he said.

“Some banks have come out already to announce that they will be passing it on, but I believe there is an onus on every financial institute to pass it on.”

“Rates have now fallen by 2.75% since October. The benefit of this must be passed on to lenders who are feeling the pinch in recent months.”

“Banks should not only pass on the interest rate cuts to all their customers, they should also free up money for small businesses that need it so much right now.

“Passing on the benefits of the cut to all customers is in everyone interests because it will help stimulate the economy and I want to urge the banks to do the right thing here and to pass on the benefits to their customers,” James Carroll who is running for the Drogheda East County Council area.

ENDS