Michael McGrath (Cork South Central, Fianna Fail)
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I hear the Minister's answer but the issues are very much related. The European Union operates to the fundamental principle of the freedom of movement of goods and services. I am free to buy any product from Germany, France, or Spain, for example, except for financial products or services such as mortgages. I raise this issue in light of the retail interest rate statistics for the eurozone published by the Irish Central Bank last week.

Chart 2 of the statistics document shows that the average interest rate across the euro area on all new mortgages agreed in April was 1.8%. It shows significant variations across the eurozone. The lowest rate was in Finland, where it was 0.8%. The highest rate was in Ireland, at 3.15%. Therefore, it is a fact that Ireland is the most expensive country in the eurozone for mortgage holders. The Minister can rationalise that and give his view as to why it is the case. He has an obligation not only to deal with the issue domestically but also to lead the charge at European level to ensure we have a properly-functioning Single Market for financial services. We do not.