Eamon Gilmore (Dún Laoghaire, Labour)

When Deputy Doherty says, for example, that we have abandoned people in mortgage difficulties, he flies in the face of the truth. The reality is that in the budget we have increased the level of mortgage interest relief for people who bought at the height of the boom. The Minister for Finance made it clear that the measures contained in the Keane report will be implemented. There will be an implementation programme for those.

The Deputy is quite right that when the last ECB interest rate reduction was introduced, the Government did call in the banks and spoke to them. Allied Irish Bank followed the Government's request to reduce the interest rate in line with the ECB. Most of the other financial institutions did likewise, but two of them did not. I hope that on this occasion they will do so. I understand that one of those financial institutions is today launching a new mortgage product designed to help people in mortgage difficulties. I want to be absolutely clear, however, that this Government is not only concerned about the issues and difficulties that people with mortgages are facing, we have also taken action on it and continue to do so.

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