Banks urged to pass on rates cut

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

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

Peter Robinson, Martin McGuinness and Finance Minister Nigel Dodds are expected to urge the banks to pass on interest rates cuts to customers.

Mr Robinson said the banks have a role to play in easing the credit crunch on households.

He said both he and Mr McGuinness want to "get our economy moving."

"We have influence with the prime minister and he has power in this area, so we want to see what the banks are going to do," said Mr Robinson.

"There are some indications that the reduction is being passed on by at least one of those banks.

"I'd like to see them all passing it on, that's what customers expect."

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.