Brian Lenihan Jnr (Dublin West, Fianna Fail)

In order to protect the taxpayer, we will have to set the price. We will not engage in negotiations with the institutions concerned. We can certainly have discussions, but the idea they will have negotiating rights in the discussions is absurd.

The position on breakage fees is as I outlined in my answer. With the Financial Regulator, I will continue to monitor these matters and endeavour to ascertain what proportion of fixed rate borrowers have long-term mortgages. The majority of cases that have been drawn to my attention are considerably less than seven years in the degree to which the borrower has locked into the mortgage.

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