Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Regarding the tracker mortgage issue, officials from the Irish authorities are in regular dialogue with all of the State-supported banks in an effort to enhance stability and facilitate the sector's return to profitability. The long-term profitability of the State-supported banks depends on many variables, of which the impact of tracker mortgages is only one. The Irish authorities have also engaged with the troika to discuss possible ways of funding Irish banks' tracker mortgages at an overall lower cost and in a sustainable manner. Discussions to date have focused mainly on examining the tracker books of the domestic banks and the implications alternative funding costs would have for the loan books and the profitability of the banks in question. Discussions have been exploratory in nature and further analysis is being carried out.

As the Deputy is aware, the Central Bank is independent under law. The Minister for Finance lighting a fire under it would not, therefore, be the appropriate way to proceed. I have regular meetings and telephone conversations with the Governor of the Central Bank and will pass on the Deputy's views to him on the next occasion on which we speak.

See this speech in context