04.12.2008

SIMI welcomes interest rate cut

The Society of the Irish Motor Industry (SIMI) has welcomed the 0.75 per cent cut in interest rates announced by the European Central Bank this morning, but is still calling for the introduction of a Scrappage Scheme. Speaking on the 1.00pm news on RTE Radio 1, Director General Alan Nolan, aid the interest rate decrease was welcomed, but it was only one of a range of measures needed to kick start the motor industry.

Nolan said that SIMI had met with the Department of Finance and put its case for the introduction of a Scrappage Scheme, which he claimed would generate significant revenue for the Government.

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