Michael McGrath (Cork South Central, Fianna Fail)
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I will stick with the issue of tracker mortgages as I have a few follow-up questions. I would like to revisit the issue of the prevailing rate, about which a number of members, including me, asked questions. I gave Ms Rowland an extract from a contract during the break, which I do not expect her to have read yet. I have some questions on how the Central Bank approaches this issue. The contracts I have seen, including the one I shared with Ms Rowland, do not appear to feature a definition of the prevailing rate. Is it generally the case that the prevailing rate is not defined in mortgage contracts?