Brian Cowen (Laois-Offaly, Fianna Fail)

The levels of mortgage interest rates at any given time reflect a broad range of factors, including ECB base rates, deposit rates, market funding costs, the competitive environment and an institution's overall funding. I do not know what level of retail outlets the Deputy wishes to see closed to make up some of the cost savings he claims he can make in banking services in this country. Mortgage rates are at an historic low and whatever trends there may be in the future, the important thing is to try to help people who have difficulties with their mortgages. As I stated, initiatives have been taken by the Government and by an interdepartmental group working on the issue and the Minister for Finance will consider these in due course. We consider all of these issues in a way to be helpful to those with problems but, at the same time, we must ensure that we have a competitive banking system here.

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