The president of the Irish Creamery Milk Suppliers' Association, Mr Frank Allen, yesterday called on the Central Bank to cut interest rates immediately.
He said the cut should be made immediately because there was no remaining uncertainty about Ireland's EMU entry and the rate at which the pound will be converted into the euro.
Irish interest rates were totally out of line with those in other EMU economies, and were up to 3 per cent higher than they should be, he said.