Stephen Donnelly (Wicklow, Independent) | Oireachtas source

Perhaps I could ask the Minister to stop reading out the prepared stuff from the civil servants because it does not address the question I asked, which is whether he as Minister for Finance believes that, as a principle, the banks should not make additional profits on restructured mortgages. If he agrees with that as a principle, would he be open to working with the committee to draft legislation to that effect? This is something Government Deputies and people within the banks have raised. It is a principle that says the banking sector is partly responsible for what happened and it should not make excess profits on irresponsible lending. They are making profits on the arrears, recapitalisation and term extensions. They are making additional profits over and above the expected net present value of the loans. Should we, as elected representatives, say it is fine for the banks to make the money they would ordinarily have made but they cannot make additional profit on the behaviour that caused the problem in the first place?

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