Seán Sherlock (Cork East, Labour) | Oireachtas source

The Minister has quoted from the document I referred to earlier. Specifically for the reasons outlined therein I asked for an update on the position. Given the Minister's intervention, it is clear that the modus operandi of the Central Bank is, to all intents and purposes in relation to mortgage lending, to take alaissez-faireapproach. The question for us then is whether we can legislate for the cost of funds and a percentage over and above that. For the purposes of this engagement we are fairly clear at this juncture that there are two courses of action open to us in terms of our seeking legal advice and further engagement with the European Central Bank, ECB, on this matter. From my perspective, at this juncture we should move on.