Paddy Burke (Fine Gael) | Oireachtas source

The Minister said that the Bill would be carefully considered to ensure it complies with all EU laws and requirements but that section 5, which permits the Central Bank to impose a cap on the standard variable mortgage rate which applies to one lender but not to the market generally, could potentially be considered to enable competitive distortions in the market. Do the witnesses think the Central Bank can do what the Bill is proposing to do in respect of driving down interest rates?