Enda Kenny (Mayo, Fine Gael)

I am glad the Minister for Finance is here today because I want to oppose the Order of Business. All the matters on this Order Business are important and relevant. However, the issue that struck people this morning was that of 70,000 mortgage holders with Permanent TSB who face an increase in their variable interest rate mortgages. They may just be the tip of an iceberg as the figure may well rise to 350,000 mortgage holders if other banks follow suit.

The House discussed at considerable length, and with due diligence from the Minister for Finance, the financial emergency measures Bill, the bank guarantee and the entire NAMA legislation. Last year, the House bailed out the banks to the tune of €11 billion. A further €8 billion to €10 billion may be required by them this year. January has not even passed and at the first opportunity mortgage holders are about to be screwed again.

Will the Minister for Finance, on behalf of the Government, tell these banks and lending societies that many people, who were seduced to take out mortgages over the past several years in the middle of a property boom, now face ruination? The primacy concern for many is the state of the economy. Many have paid health and pension levies, taken pay reductions and had all sorts of increases taken out of their wage packets. Now up to 350,000 face a mortgage interest rate increase. Is the Minister for Finance prepared to call in the banks today? Is he prepared to discuss the implications of the bank guarantee and European Central Bank rates? What can the Government do in response to this outrageous action that will affect so many people? This is a matter of serious concern for thousands across the country. Before we discuss other matters on the Order of Business, will the Minister respond to what I have raised?

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