John Deasy (Waterford, Fine Gael) | Oireachtas source

I will start with a question on standard variable rates, SVRs. Many people with these are feeling victimised. On the one hand, the Taoiseach stated yesterday that the issue of mortgage arrears was one of our greatest problems while, on the other, the CEOs of AIB and Bank of Ireland have teed up another increase in SVRs. These banks are wholly or partially owned by the State. The public ask me what influence the Government has with them over increases in SVRs if the issues of arrears and repossessions - Mr. Moran mentioned these - that see terminally ill people dragged from their homes are so important to it.

Some might say that people should get fixed rates, but they cannot afford them. If one is on 4% or 4.25% now when it used to be 3.5% or 3.25%, one would be lucky to get a fixed rate of 5.5%. People cannot afford this and, according to the CEOs of both banks, are stuck facing increases in SVRs. I am often asked about what influence the Department of Finance has with these banks if repossessions and the lack of ability to repay loans and mortgages comprise such a large issue for the Government. What interaction and influence does the Department have with the banks?