Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I want to see that happen. The banking union measures that were referred to are dealing with a different issue entirely, namely, the stability of our banking system. It is not acceptable to me that Irish mortgage interest rates are so far above the European Union average in the way I know and in the way the Deputy has described. It is worth making the point that a factor contributing to the difficulty that exists on the balance sheets of banks and, in turn, regarding the interest rates they can offer to customers is the level of non-performing loans that we have. The proportion of non-performing loans in Ireland is 14%. The European Union average is 4%. As continued efforts are made to reduce responsibly the proportion of non-performing loans, banks will be enabled to offer more attractive lending rates to new and existing customers. That will be an essential element of the next wave of resilience in our economy because what the Deputy has described is the case.