Liam Twomey (Wexford, Fine Gael) | Oireachtas source

We have the idea when we are in here that we are coming at this from the side of the mortgagee, the person who holds the mortgage, but they do not have that much to do with us. They may be beneficial but this is about the Government wanting stability in the market and we want to spread that risk and we do so between insurance operators and the banks and it just so happens that the person who is taking out the mortgage has to pay for that because that is the price of stability. Where this benefits the mortgagee is in terms of the cap, which would seem to have quite a dramatic effect on the market because it will allow who can come into this. The 15% that was mentioned is part of an EU measure.