John Deasy (Waterford, Fine Gael)
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The Department needs to take a look at its policy in this area and its constant targeting of this particular cohort. It should perhaps engage with the banks on how else they could become profitable-increase their profit base by other methods as opposed to raising variable interest rates steadily over time. The figures I have seen suggest the norm before too long across the board will be 5.5% SVR. Mention was made of the repossession of homes in respect of which people have an inability to pay. However, in terms of this occurring, there is a contradiction. The Department must have a position on this issue and should at least engage with the banks on the effect it will have on those with SVRs.