Ms Derville Rowland:

The Deputy asked about customers on higher interest rates, specifically in the non-bank sector. We are vigilantly watching this as an area of focus. It has been one of our highest priority areas in consumer protection for a number of years. Our focus is on affordability and choice. We want to make sure, first and foremost, no matter who owns a customer's loan, where they have difficulty or may be concerned about going into difficulties in the future in repaying a loan, that early support is offered. That is right across the system and we see that it is working. We know, unfortunately from our previous experience, that early engagement can actually support families to avoid longer term arrears. We remain vigilant because it is true that a family, no matter who owns their loan, can have difficulties paying, no matter what the rate. It depends on their personal family circumstances. We remain very focused on supports for families. We have also remained very focused on when customers have choice to move to other providers, that there are no barriers in the system to prevent them doing so.

Rates are decisions for the lenders themselves but we expect a symmetry in behaviour with the factors and the information they have given us, that drives their strategies and approaches. We are already engaging with firms about this. The Deputy will have noticed that in Ireland there was somewhat of a delay in passing on, say, where it is a tracker mortgage product, some of the rate increases. However, we would expect to see, according to the different pricing strategies and approaches, a symmetry in behaviour that when rates reduce those reductions are passed on to the customer. We are engaging with the firms on that basis.