Bank executives have today been summoned to Downing Street to meet with Chancellor Alistair Darling where he has set clear expectations that they pass on the recent 1.5% rate cut to their customers.

The ‘big four’ banks in Northern Ireland were quick to follow with rate cuts following yesterdays Bank of England announcement, however many mainland UK banks have been criticised for dragging their heels.

The cut has been welcomed by many in Northern Ireland, hoping this latest move by the Bank’s Monetary Policy Committee.  Chief executive of the Northern Ireland Trade Association Glyn Roberts, said it was a “bold move” and that he was hopefull that it would “kick start the economy both in Northern Ireland and the rest of the UK”.

Bank of Ireland, The First Trust Bank, The Northern Bank and Ulster Bank have all announced that they would be cutting their rates either with immediate effect or over the coming weeks.

Amongst all the recent reports on the economic downturn, it is hoped these measures will assist in restoring consumer confidence and ease the burden on consumers and businesses alike.