Jim O'Callaghan (Dublin Bay South, Fianna Fail) | Oireachtas source

I welcome the Governor and deputy governors.

I will begin with the Governor on the issue of what is seen as an unprecedented pace of increase in interest rates by the governing council of the ECB. Mr. Makhlouf stated that this was to combat the “unprecedented inflationary shock which has impacted significantly on households’ weekly shop, their tank of fuel and their energy bills”. When the governing council considers increasing interest rates, does it ever take into account the impact its decision will have on the people Mr. Makhlouf mentioned, for example, household bills and mortgage increases?