ECB cuts interest rates – Pearse Doherty says lenders must pass it on

The European Central Bank has cut it's key interest rate by point-two-five per cent.

It's the second cut in as many months - with the rate now standing at one per cent.

Meanwhile - the Tánaiste's promised to again haul in banks to force them to cut interest rates if necessary.

Last month the Government applied pressure on banks to pass on a rate cut from the E-C-B.

Sinn Féin's Finance spokesperson Pearse Doherty says the Government needs to stand up to the banks once and for all:

[podcast]http://www.highlandradio.com/wp-content/uploads/2011/12/13doherates.mp3[/podcast]