asked the Minister for Finance if he can state on whose authority the bank rate was raised recently; if he was consulted in the matter and, if so, by whom.
Ceisteanna—Questions. Oral Answers. - Bank Rate.
It is presumed the Deputy refers to the Irish banks' rate. The recent changes in that rate were made by the banks who have full authority to make such changes as appear to them to be necessary in any particular set of circumstances. The reply to the second part of the question is in the negative.
Arising out of the Minister's reply, is this House to understand that our Minister for Finance is not consulted when such an important step as the raising of the bank rate is taken? I should like the Minister to answer that question. It is time the country knew this, if it is true.
I have answered the Deputy's question.
Well then, the Joint Stock Banks Standing Committee, a private concern controlled, as far as there in banking control, by the Bank of England, can raise or lower the bank rate of interest at will without consulting the Minister for Finance?
When a Deputy rises to ask a supplementary. question, he should not make a speech.
Is the bank rate being raised here for the purpose of making the Irish people pay for this war?