Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

In response to earlier questions on the Bill, Mr. Tobin said that it may or may not cause an increase in mortgage interest rates. Which is it? The Department provided the committee with a written submission which was all over the media this morning and gives the impression that the Department had a crystal ball, which enabled it to determine that the Bill would result in higher mortgage interest rates for consumers. Will Mr. Tobin inform the committee if that conclusion was arrived at on the back of what bankers were telling the Department or did the Department undertake an analysis that led it to that determination? It definitely was not mentioned in the Central Bank's opening statement today. It is evident from the IBF press release issued this morning that I am ruffling a couple of feathers within the banking industry through this Bill.