Eamon Gilmore (Dún Laoghaire, Labour)

On behalf of the Labour Party, I too oppose the Order of Business. The Order of Business proposed by the Minister for Finance is "politics as usual". However, householders and families were told by the newspapers this morning that another increase in mortgage interest rates is on the way. This is after several months in which one could not turn on a radio or open a newspaper without having someone saying the corner had been turned. People were told that while their incomes and circumstances were not as good as they were, prices were coming down and the economy was improving. We now know mortgages are set to increase again. For many families, these mortgages, given the excessive price they paid for their homes, are in excess of the property's worth. There is no NAMA for householders who find themselves in negative equity or in difficulty meeting their mortgage repayments.

As Deputy Kenny stated, we have had to deal in this House with proposals from the Government to assist the banks at a cost to date to the taxpayer of €11 billion. We have put in place a NAMA process for those who borrowed excessively and for the transfer of the properties of those who speculated in property development over a period. Not alone is there no relief or comfort for families who find themselves stretched to meet their mortgage repayments, they are now being told this morning their mortgages are to increase again. We cannot have business and politics as usual in this House while families throughout the country are faced with the type of news they got this morning.

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