Oireachtas Joint and Select Committees
Thursday, 17 November 2022
Public Accounts Committee
2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
9:30 am
Mr. John McCarthy:
The Chairman is absolutely right. They have increased by two percentage points at the policy rate, although that is coming from zero. When we joined monetary union, we were at 5% or 6%, so that needs to borne in mind. If we look at our colleagues across the water, the loan-to-income ratio the Bank of England applies is 4.5 times a person's income.