Micheál Martin (Cork South Central, Fianna Fail)

I am extremely surprised the Taoiseach has no legislation prepared and that, clearly, no work has been undertaken in recent weeks or months to prepare such legislation. The Keane report came to Government more than six weeks ago but no decisions have emanated from that report, as has been confirmed by the Minister, Deputy Joan Burton. Every single commitment that was made to mortgage holders has been reneged upon and has not been followed through. I say this genuinely in terms of the commitments received some months ago by first-time buyers and the question of interest rates being absorbed by banks rather than mortgage holders, as well as the Keane report.

The Taoiseach said clearly that he would consider the introduction of legislation to force the banks to pass on these interest rate reductions. The banks will not believe anything the Taoiseach says until they see the legislation published and they see that he and the Oireachtas mean business. Otherwise, they will be thumbing their noses at the Taoiseach and at the thousands of mortgage holders across the length and breadth of the country.

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