Enda Kenny (Mayo, Fine Gael)

This is a matter of serious concern to those who will be affected as a consequence of attempting to repay mortgages and those struggling to repay mortgages. We are well aware of the numbers on tracker and variable mortgages and the difficulties they are now experiencing. When Mr. Trichet made this announcement he also made the comment that the ECB had act according to its remit. Its primary function, as the Deputy is aware, is to keep down inflation. The Minister of Finance is looking at the consequences of this for mortgage payers here and the fundamental responsibility of seeing that people have their homes protected and a conclusion is arrived at insofar as their mortgages are concerned.

Comments have been made about the ECB and its functions in legislation in so far as it impacts on growth rates and economic development throughout EU member states with particular reference to the eurozone. In this context, these matters were discussed to a point by the Heads of Government meeting in Brussels and we will continue to do so. For my part, I will raise the impact of interest rates following this decision. The understanding in general conversation is that this might not be the only interest rate increase this year. The ECB has mentioned that possibility. This is obviously a serious concern for people in this country who are struggling, are in negative equity or are just about able to meet their mortgage repayments.

The answer to the Deputy's question is "Yes", I will raise the matter, and it is important to be able to comment about the consequences of a bank that is independent. In the context of economic growth factors, this matter was discussed at the last Heads of Government meeting in so far as how the programmes for each country can impact on their individual growth rates, which is obviously very important from Ireland's point of view as well.

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