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

Concerns have been very well expressed by the Deputy. Given that the trajectory of interest rates by the European Central Bank is still downwards and with low inflation being the primary concern rather than increasing inflation which would require raised interest rates, it is reasonable to agree with commentators who almost universally expect interest rates to remain low for some time to come. Certainly, there is a signal in that respect. Perhaps the more appropriate action would be for everybody with a borrowing problem to use the low interest rate period to improve their position.

We will assist mortgage holders, as we have been doing, by continuing to press organisations that provide mortgages to make these mortgages sustainable, if they are not sustainable now.

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