Richard Bruton (Dublin North Central, Fine Gael)

Although he did not address the matter in his reply, the Minister has committed to examine whether the exposure to fixed-rate mortgages by these lenders is matched by commitments to fixed-rate funding on their part. He has not adverted to the matter but it is a central issue. If the banks do not commit to long-term money they should not charge breakage fees for those committed.

I refer to the finding in the report which showed some lenders limit the breakage fee to six months' interest. In light of the very hands-on involvement the State now employs in the practices of financial institutions, does the Minister agree the approach used by some lenders ought to adhere to a best practice, given a background in which families are being crucified with commitments? If it is possible for some then it should be possible for all and a code of best practice should be employed.

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