Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I know he has answered on this but, from the Governor's point of view, if the banks do not pass on these interest rate hikes, as some have not in the past with regard to the standard variable rate, would they be acting contrary to ECB policy? They are in a better position not to and to profit from the deposit rate now set by the ECB given the levels of deposits they have on their accounts compared with other European banks. The Governor has challenged us to explain the rationale for this measure to people but I will explain something to him. If a person comes to me and says that his bill is now €4,800 more than it was the summer of last year, just over six months ago, that it is going to get higher and that his family cannot afford to keep a roof over their heads, I will find it impossible to explain to him that the ECB policy is for him to have less money, which will somehow help with inflation that is primarily driven by the price of gas and oil, resources that are being used as a geopolitical weapon by Putin, rather than by his family's spending in the economy, who do not have the money. Will the Governor touch on that?