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

I do not set interest rates. The European Central Bank's setting of rates is one of the primary factors in establishing mortgage interest rates and we have no control over that. The action we can take is limited even though, like the Deputy, we foresee the danger. One of the traditional responses would be to compensate through the tax system, but the previous Fianna Fáil Government abolished mortgage interest relief. I extended it in our first year in Government for a further year. That cushion has been taken out of the system as well, or will be in 2018. I do not see what a general review of the position is going to achieve. If the Deputy has specific solutions to suggest I will have them evaluated.

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