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

I thank President Draghi and come back on one point regarding the interest rates charged to consumers in Ireland. If I heard him correctly, he described the situation here as one of quasi-monopoly, which is a fair statement. Between them, the two pillar banks in Ireland hold approximately 60% of the mortgage market. Competition is limited and we would like to see new entrants join the Irish market. There are opportunities but while there is speculation about engagement with our Central Bank, nothing is confirmed. I emphasise to President Draghi again that with each passing month and each monthly repayment, Irish mortgage holders pay so much more than citizens with comparable loans elsewhere in the eurozone. As such, his monetary policy is not being transmitted to where it matters, namely to the households of consumers. I ask him to consider ways in which he and our Central Bank can help to impose downward pressure on interest rates in Ireland for the benefit of consumers to bring them more into line with the normal situation elsewhere in the eurozone.