Michael Noonan (Limerick City, Fine Gael)
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This is a technical exercise which is carried out by the officials on the advice of the Central Bank. Rates change regularly throughout the year and it is impractical to change the preferential rate throughout the year. The only thing we can do is to make an assessment once a year and change. It is impossible to predict interest rates movement in advance. We will look again at the rates next October and if what we are doing is out of line they will be adjusted. There is an element of swings and roundabouts about it but over the period of a mortgage I do not think people are treated unfairly because as time goes by different rates apply. Sometimes they marginally win and sometimes they marginally lose.