Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Before we move on, I want to respond to the suggestion that the publication of the Bill directly led to a 10% fall in bank share prices. There is no evidence whatsoever to back that up. I looked at that claim in some detail at the time and it was not borne out by the facts. On 11 May there was a trading statement by Permanent TSB and immediately following that there was an 11% drop in the bank's share price. That trading statement set out a number of major challenges the bank is facing. It did not refer to variable rate mortgage pricing. It was a bogus claim and the Minister should not try to defend it. Back in May 2015, when the Minister met with the banks, he issued a statement following those meetings and threatened to impose legislation on interest rates on the banks. He said if they did not play ball, the result would be a levy or legislation. To hang it all on the Fianna Fáil Bill of May this year is not borne out by the evidence. The Minister should not try to stand over it.