Timmy Dooley (Clare, Fianna Fail)

I welcome the opportunity to contribute to this debate which is of critical importance. I suppose an element of banter across the floor of the House is appropriate but there is a much more serious issue underlying this motion, which is the reason it has been put down. The reason Members on this side of the House get exercised about it is because of the impact of these conditions on so many people.

The issues referred to in the motion affect almost every citizen of the State. There are probably close to 80,000 mortgage holders within the PTSB who are affected by this outrageous standard variable rate it continues to peddle. The standard variable rate charge is out of step with the marketplace and the Government has a duty to act because it is the principal shareholder.

An effort has been made by some within the Government to hide behind the standard lines that we cannot interfere in the operations of the day to day running of the bank or the profitability of the bank is a matter for the board. Those are the standard lines trotted out by Ministers and their squawk boxes on a day to day basis.

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