Pearse Doherty (Donegal, Sinn Fein)
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People could be tuning in, and God help them if they are, who have seen their interest rates go up. All those who were told not to worry when their mortgage went to the vulture funds because they are regulated the same way, their interest rates today are 4.4% and 5%. They went up overnight. When the ECB announces its interest hike next month, it will go back up again for those individuals. Obviously trackers, which I accept were at a low level, are passed on straight away too. The core question is whether increasing interest rates is the appropriate policy if you are fighting inflation and are recognising that it is a result of energy and food, which is driven by supply and not demand.