"A negative deposit rate of -0.10%, which forces the banks to pay for holding money, is introduced to encourage banks to lend. The SME sector is not expecting much from this initiative and we wonder which greedy Irish based bank will be first to attempt to pass on this charge to its depositors rather than increase lending, as is the purpose of the move."
"If this Government has learned anything from the recent elections, it will insist on the banks passing on the interest rate cut and stop them charging for money on deposit. That action would send a message to business and to the country that we have an administration capable of governing and serious about trading out of the recession," concluded Fielding.
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