Éamon Ó Cuív (Galway West, Fianna Fail)

The Government is putting the code of practice into legislation but it is not giving it teeth, so to speak. I ask the Tánaiste to reconsider that matter. Will it introduce amendments to strengthen the Bill, particularly in respect of secured creditors and home loans?

I asked the Tánaiste a question last week about the interest rates ITSB is charging. Effectively, it is twice the rate charged by AIB and it is having a major effect on mortgage holders. Has any progress been made in resolving what is a straightforward issue in that it is basically a State owned bank? Similarly, it has been brought to my attention that regarding the EBS, which is now owned by AIB and is one of the Minister, Deputy Noonan's, pillar banks, the idea was to get some form of convergence. What steps does the Government intend to take to ensure there is convergence in the interest rate being charged on home loans by the EBS towards the AIB rate? I would point out that ITSB issues new house loans at a lower rate than those in respect of existing mortgage holders.

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