Brian Lenihan Jnr (Dublin West, Fianna Fail)

There are no indications of any imminent increase in rates at the European Central Bank, but the rates are at very low levels and it is difficult to envisage interest rates remaining at those levels in the medium term. Most Members would recognise that. There is no indication of an imminent change on the part of other Irish banks, but any decision they take will be in the context of the commercial setting in which they operate and the cost of funds to them.

I agree with Deputy Burton's point on the core issue, and that is why there are commitments in the programme for Government — which I outlined in my reply — that keeping the roof over the head of every Irish homeowner is an important policy objective for this Government. That is why we have set up the interdepartmental committee and why we have proposed to broaden its membership. I will be bringing proposals to the Government in that respect in a few weeks.

See this speech in context