Eamon Gilmore (Dún Laoghaire, Labour)

In the earlier part of my response, I was responding to the allegation Deputy Ó Cuív made that the Government was not dealing with the mortgage issue. I believe he is now satisfied that the Government is dealing comprehensively with the mortgage issue in respect of interest rates and mortgage arrears.

In regard to the specific issue he raised, as he is aware, the Government has spoken to, and is in contact with, the financial institutions. There is a role for the Financial Regulator in dealing with the individual institutions in respect of their interest rates. As I said earlier, the Financial Regulator will engage intensively with the financial institutions to ensure certain mortgage customers are not treated in a discriminatory manner and that there is fairness in respect of the levels of interest applied across the board and that the reductions in the interest rate applied by the European Central Bank are passed on to customers. The way in which different institutions do so varies. Some institutions have already passed on some reductions while others have not. It varies from institution to institution but we are anxious to ensure there are not discriminatory practices between one institution and another or between one customer and another. The job of the Financial Regulator is to deal with the institutions in that respect.

I would be happy, as I am sure the Minister for Finance would be, to return to the House at a suitable point to address that again.

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