Oireachtas Joint and Select Committees
Wednesday, 9 July 2025
Select Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach
Estimates for Public Services 2025
Vote 1 - President's Establishment (Revised)
Vote 2 - Department of the Taoiseach (Revised)
Vote 3 - Office of the Attorney General (Revised)
Vote 4 - Central Statistics Office (Revised)
Vote 5 - Office of the Director of Public Prosecutions (Revised)
Vote 6 - Office of the Chief State Solicitor (Revised)
2:00 am
Cian O'Callaghan (Dublin Bay North, Social Democrats)
I thank the Taoiseach and his officials for their attendance. On Vote 2 and section C of the briefing note, which is on sustaining the economy and investment, it is reported in today's Business Post that Irish banks are earning substantially more on mortgages than their UK counterparts. Research from RBC Capital Markets shows that Irish retail banks, AIB, Bank of Ireland and PTSB, are earning higher margins on mortgages than lenders in the UK. The average spread on Irish mortgages, the difference between the interest banks charge and the interest they pay, was almost 2% in quarter 2 of this year. The comparable figure in the UK was less than 0.6%. That has particular economic impacts in respect of people's ability to access and afford housing. What is the Taoiseach's view on this? Does something need to be done about it? What sort of action or approach could be taken?
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