Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

First of all, I wish to record the shock felt across the world at the natural disaster and devastation we have witnessed in Türkiye and Syria. We extend our solidarity to all those hurt and injured and urge the global community to rally to the support of these devastated communities.

Last Thursday the European Central Bank increased interest rates for the fifth time since July of last year. For the almost 200,000 households with a tracker mortgage this will result in an immediate and significant impact. The high-street banks, namely, Bank of Ireland and AIB, are starting to increase their rates. Vulture funds are increasing rates aggressively, which is leaving some paying interest rates of 7.5%. The net result of this is that tens of thousands of workers and families are paying hundreds of euro extra per month compared with this time last year. For those with even modest mortgages this can equate to thousands of euro extra per year.

This is on top of a cost-of-living crisis that, mortgages aside, is putting real pressure on household finances. The cost of heating is up, the cost of filling the car is up and the cost of everyday shopping is up. The list goes on. For those whose mortgage bills are skyrocketing this is causing massive stress and anxiety. Is cúis mhór struis d’oibrithe agus do theaghlaigh é seo agus caithfimid rud éigin a dhéanamh anois. One person I spoke to this morning told me their annual mortgage payment has now increased by more than €3,000, and that is before the increase due next month.

It is now time to introduce timely, targeted and temporary mortgage interest relief to support workers and families who are put to the pin of their collar. This evening we in Sinn Féin will bring a motion to the Dáil that provides a meaningful solution for households that have had to contend with five interest rate hikes in less than a year. Our proposal to reintroduce mortgage interest relief will be in place for 12 months to absorb a portion of borrowers’ increased interest costs. This relief would amount to 30% of the increased interest costs compared with June of last year, with a maximum benefit of €1,500.

As with every measure to combat the cost-of-living crisis we appreciate the State cannot cover the entire cost but it can, and should, lend a helping hand. It should do this now; this is what is needed. The Government ruled out this approach out when my colleague, Teachta Doherty, put the proposal to it in December. Since then the situation has worsened, and worsened considerably. We now see tens of thousands of workers and families needing support. Will the Taoiseach support our proposal, and will mortgage interest relief be reintroduced without delay?

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