Joan Burton (Dublin West, Labour)

Does the Minister understand that a number of people are caught in a significant hole because they have been unable to benefit from the European Central Bank's reduction in interest rates? The Minister said in his budget strategy that, because of the reduction in ECB interest rates, he was significantly reducing mortgage interest relief for homeowners. Many people who are caught in the fixed rate mortgage trap borrowed five or six years ago and are losing their seven-year mortgage interest relief. They are losing €900 a year, as well as experiencing high interest rates.

We want to know about the breakage fees in coming off fixed rate mortgages. I have figures from people who have been quoted €10,000, €20,000 or multiples of these figures. I understand the Minister's point that the banks committed to buy the funding at a particular rate, but the variations in breakage fees are extraordinary. Some people who lose their employment and income will end up losing their home. As part of the NAMA negotiations on the funding of the banks, has the Minister asked them specifically to consider the plight of such persons? Has this been considered in discussing the funding of the rescue or bail-out of the banks through NAMA?

See this speech in context