Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

The three minutes is very short. Only 3% of the bank's funding comes from the European Central Bank funding rates but it has much more than that out on tracker mortgages on its buy-to-let side. The variable mortgage rate customer is carrying not just the loss of owner-occupiers with tracker mortgages but also an excessive cost of tracker mortgages on the buy-to-let side, of which the bank has a disproportionate amount.

The bank wrote off €461 million last year on residential mortgages. It seems to be saying it will write off the negative equity.

This is my last question. Mr. Bourke said the bank is in a position to make a €280 million cash payment to the State. In view of the fact that the bank is still overcharging its customers, is it not premature to be making that payment to the State, which is on the back of its mortgage holders? I believe it is premature. When will it make that payment and for what reason? Has the bank been asked by the Government to make a payment or is it doing it to keep in with the Minister?