Gerry Adams (Louth, Sinn Fein)

On 4 November, the Taoiseach indicated he would consider introducing legislation to compel the banks to pass on to customers the ECB interest rate reduction. The avalanche of press statements from Labour Party and Fine Gael backbench Deputies applauding his commitment shows that they are aware of the distress mortgage holders are under. The Taoiseach called on the banks to do the right thing. Despite Bank of Ireland and Ulster Bank continuing to defy the Government and National Irish Bank deciding to increase its rates, there is no sign of the promised legislation. Billions of euro of taxpayers' money have been ploughed into the banks by the Government and bankers and bondholders have been bailed out. Distressed mortgage holders, on the other hand, have not received a bailout. Will the Taoiseach inform the House and the tens of thousands of people who are struggling with mortgage payments what he intends to do about this issue? Will he act in the interests of citizens by introducing the legislation about which he gave a commitment and, if not, will he be straight and indicate he will not introduce such legislation?

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