asked the Minister for Finance if a reduction in the bank interest rate is contemplated; and, if so, when.
Ceisteanna—Questions. Oral Answers. - Bank Interest Rate.
42.
The Associated Banks are at present reviewing their rates and the views of the Central Bank have been conveyed to them. It is hoped that there will be an announcement at an early date.
Would the Minister be able to say what the views of the Central Bank are?
No.
Tell them not to hurry.
The announcement will be made shortly.
43.
asked the Minister for Finance the present bank interest rate; and how it compares with bank interest rates in Europe and America.
The present ordinary overdraft rate in Ireland is 9½ per cent. In 1970, ordinary overdraft rates in Europe and America, as published in the OECD Financial Statistics, ranged from minimum rates of 8 per cent to 8½ per cent in the U.K., 8.07 per cent to 8.86 per cent in the United States, 9½ per cent to 10½ per cent in Sweden, 9½ per cent to 13½ per cent in France and 10¼ per cent to 12¼ per cent in Germany. Thus, the Irish rate appears to be somewhat higher than the rate in some countries and somewhat lower than those of others.