Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

If we had a majority, we probably would have opposed the Bill.

Everybody knows that. Traditionally, everything was opposed by Irish Governments regardless of the merits of what came from the Opposition.

On the principle of the Bill, we share the aspiration to reduce variable mortgage rates. As they pinch hardest for historic mortgages because the new offerings have reduced interest rates, we share that objective. We expressed our views very strongly as did the supporters of the Bill. Statistically, that is what happened. We can give Deputy Paul Murphy the piece of paper. The advice I received was that there was a cause-and-effect relationship in the context of the drop in bank shares.