Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

I thank the witnesses for their participation. I would like to discuss the variable rate mortgages and the apparent differences in the rates here compared to those in the UK. While profiles of borrowers can vary anywhere, variable interest rates seem to be higher here than in Britain and the North of Ireland. The witnesses referred to greater risk in the South. Could they elaborate on it? Is the greater risk to do with what we have just been through, namely the bubble, the crash and the unprecedented mortgage arrears crisis? Does the bank constantly factor it in and recoup its losses? Is that the reason rates are higher here?