Brian Cowen (Laois-Offaly, Fianna Fail)

I am not playing with statistics, just dealing with the Deputy's assertions. The decision taken brought a direct benefit to people involved in the mortgage market, not just to prospective buyers but to those already in the mortgage market for the previous seven years, totalling 125,000 first-time buyers. In this way, the greatest possible benefit could be given to the greatest number of people requiring assistance.

The Deputy knows interest rate policy is the independent ambit of the ECB. We have seen a number of increases of 0.25% over the past 12 to 18 months. Further increases are not expected, but one cannot anticipate what the ECB may do. It must be acknowledged that we are operating in a historically low mortgage interest environment against a background of greater disposable income and higher income growth. The fact that there are so few defaults on mortgage commitments, albeit against a higher interest rate environment in recent times — while the overall interest rate is low, there have been increases — indicates people have been able to meet their commitments.

The Deputy referred to those in the sub-prime market. There is evidence they have moved into the mainstream mortgage market because of the improved economic situation, which, thankfully has been open to them as well as to others.

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