Brian Cowen (Laois-Offaly, Fianna Fail)

I recognise that affordability is now an issue for people. Clearly, the repayment of the mortgage is the first charge on disposable income and the resulting impact in terms of less spending power for other activities can ultimately affect economic growth and revenues. However, we should remind ourselves that interest rates remain at historically low levels. The Central Bank has made it clear that price stability will be the determining factor in how it applies interest rate policies not only at next month's meeting, but throughout 2007. That needs to be taken into account, as the Financial Regulator insists, by borrowers and lenders alike.

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