Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I refer to the decision by AIB to increase the variable interest rates it charges on mortgages. I think the matter falls directly within the remit of the committee. It is our job to ensure taxpayers' money is spent in the manner in which it was expected to be spent. Even though approximately €7 billion in taxpayers' money has been given to AIB for the purposes of mortgage write-downs, according to figures in the public domain, we are seeing a second increase of this nature. Ideally, we would bring in those involved, but I am conscious of the demands of our work programme. Can we write to the Secretary General of the Department of Finance to get clarity on the exact purpose of the money given to AIB? Was a specific amount provided for the write-down of mortgages? If so, has that money been used?

It is not too dissimilar from the CIE situation. I have a deep suspicion, as I think all mortgage holders do, that what has happened is that the money that was given for the purpose of writing down mortgages has just been put into a black hole within AIB and it now continues to hike up the variable interest rate. Can we try to get some clarity on this? We had a lengthy discussion with the Secretary General of the Department of Finance, but there is no clarity in the minds of the public as to the use to which this money has been put. It is taxpayers' money.