Michael Healy-Rae (Kerry, Independent)
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I will be mindful of that. I apologise for having to leave earlier to speak in the Dáil. I thank the witnesses for their contributions. The first point I raise relates to the increasing pressure people are under because of the rise in mortgage interest rates. There is concern around the implications and sustainability of that if we take it in combination with the increase in energy and heating costs. This is affecting people who have bought their home and have a mortgage. Another question is around where it leaves the people who are unable to get a mortgage. What will we do in the long term for working people in this country who might have not one but two incomes - often two good incomes - but who are being refused a mortgage by the banks? We are in a crazy situation whereby it was easier to borrow money 30 or 40 years ago than it is today.

I will not repeat myself this evening because I have taken my calming-down tablets. I am not going to remind everybody about the signs in banks saying "We're backing brave". They should be taken out and burnt because the banks are not doing that. What are we going to do with banks that are sitting on billions of euro but will not give out that money to highly respectable young men and women who are guilty of only one thing, namely, trying to set up homes? They are starting out in life together and want to start a family. They are not looking for a handout from the State or anything from anybody. All they want is the right to borrow money and, instead of paying rent, to pay off a mortgage on their home diligently every month. They will not even be looked at by the banks. Surely to God the backbone of any society is the banking system and the need for banks to support communities.

I have great time for how the Chairman chairs this committee. I have great time for the experience of members of the committee. If we as a committee are to achieve one thing, it should be to highlight the wrong done by the banks. They will not part with the money and give it to people who are willing to pay it back. They are putting obstacle after obstacle in their way. It is disheartening to hear these stories from people who are leading frugal personal lives. They do not drink or smoke. They are not out wasting money. They are prudent and have saved up deposits. The thanks they are getting for it is to be told "No" by the banks. They are not even being entertained by the banks.