Banks urged to pass on rates cut

Martin McGuinness and Peter Robinson met the bosses of NI's four banks

The First and Deputy First Ministers have led an Executive meeting with the bosses of the four main banks in NI to discuss the economic downturn.

Peter Robinson and Martin McGuinness urged the banks to pass on interest rates cuts to customers.

"We discussed ways in which banks can help those experiencing difficulties with their mortgages," he said.

He said banks had a role to play in assisting vulnerable businesses such as those in the construction industry.

Mr McGuinness said: "In our discussions, we raised with the banks recent cuts in interest rates by central banks as well as the liquidity pumped into the market, which should make a significant impact on the cost of borrowing for both householders and business."

Earlier this month, the Bank of England cut interest rates by one percentage point, from 3% to 2% - the lowest level since 1951.

It followed a dramatic cut in November.