Brian Cowen (Laois-Offaly, Fianna Fail)

The Minister for Finance outlined the position on this matter in the House last week when he took the Order of Business. It is important to note that the question of funding for the cost of finance into our banking system is a matter that is of clear concern to the Government. It has been following policies that have ensured that the cost of money and terms used by the Government or available to the banking system is in line with what bond markets are paying. We have not been at the higher end of that scale for some time because of the decisions the Government has been taking.

On this issue, codes of conduct are in place in respect of mortgage arrears for those who have problems paying their mortgages. The Government will examine further measures in addition to what it already has decided. The Minister mentioned initiatives in the budget regarding the extension of the mortgage interest subsidy to 2015 for those who require it, namely, those who bought since 2004 when the price of housing was at its higher end. All those measures are in place to assist people in this way and to ensure they receive fair play and engage with the banks in trying to reschedule their commitments.

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