Pearse Doherty (Donegal, Sinn Fein)
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We might come back to that at a later point through questions on the floor of the Dáil. We are looking at fiscal economic analysis and so on in terms of consultancy. Let us look at the issue in the context of mortgage costs. The Minister sat for many years beside me and argued about high interest rates. In 2017, he celebrated it as a great Fianna Fáil victory that mortgage interest reliefs were extended into 2018. The new variable rates at that time were 3.26%. That was what was happening in 2017, when he championed mortgage interest relief.

I am sure the Minister is aware that tens of thousands of people are currently paying interest rates in the region of 7.5%. These are people whose loans were sold to vulture funds. Many others are paying variable rates well above 4%. These will increase further when the ECB increases its interest rates in less than four weeks. These individuals were handed to the vulture funds. When we proposed legislation that sales to such funds should not happen without the consent of the individuals, the Minister and Fine Gael argued against that. These people were handed over to the vulture funds. They were given commitments that they would be no worse off. They are now worse off to the tune of thousands of euro as regards mortgage interest.

We put forward a proposal that, unlike the old mortgage interest relief scheme that paid a portion of all the interest paid, would involve paying a portion of the increased interest since June of last year. It is targeted. It should be time-bound until the end of year and have a maximum benefit of €1,500 to any individual. The Minister has completely dismissed that, despite the second face of the Minister, which was in opposition championing mortgage interest relief when people were paying half the rates of interest of those individuals whose loans are with vulture funds.

The Minister said he wrote to the Central Bank asking if it wanted the powers to cap interest rates. We know, since 2017, that it does not want those powers. Its representatives came before the committee and told us so when the Minister and I proposed legislation to give it powers to that effect. They told him they did not want the powers. Even if he gave the Central Bank those powers, it would not use them. What will the Minister for Finance do? Please do not talk about the fact that vulture funds should offer arrangements, alternatives and all the rest. These are all more expensive for the individual, which the Minister will acknowledge. If the duration or interest are extended, it means more expense for the individual.

Tens of thousands of people will pay an 8% interest rate at the end of next month. Surely, the Minister for Finance should engage with a proposal that looks at mortgage interest relief, given the fact that he celebrated it? I will remind him of what he said: "This tax relief is a very important financial support for families, particularly those struggling with high variable rate mortgages. [...] Many of these families are now juggling huge outgoings including their monthly mortgage, childcare costs and medical bills." That is what he said at the time when, as I said, variable rate agreements were at 3.26%. Where do these people stand now, given that we have a new Minister for Finance?