Irish interest rates, still three percentage points higher than the expected EMU convergence level, represent a significant cost burden on companies competing in the international market place, the chairman of the Plastics Industry Association, Mr Donal Hughes, said yesterday.

Addressing the association's annual general meeting, Mr Hughes said the excess cost to industry in terms of servicing debt was running at £65 million a month. He called on the Government to announce a timescale, agreed with industry, for the interest rate reduction progress.