Enda Kenny (Mayo, Fine Gael)

The passing on of the ECB interest rate reduction is a matter for the Financial Regulator. I wrote to him on behalf of the Government stating if he required further assistance or a change in his regulatory powers, the Government would respond favourably to such a request. I have already read out his reply in which he clarified that at this time he did not seek any change in his regulatory authority. This is not just a case of the Government introducing legislation. It is important it is regulated by the Financial Regulator.

Deputy Adams will be aware that tracker mortgages receive the reduction automatically. The Government introduced a 30% mortgage interest relief for first-time buyers who bought between 2004 and 2008, a commitment in the programme for Government. The Minister for Finance will make further changes arising from the recommendations contained in the Keane report and other matters raised with the Department of Finance since then. It is in everyone's interest that, in so far as the Government can assist, the serious pressure some have with their mortgages is reduced.

See this speech in context