Billy Kelleher (Cork North Central, Fianna Fail) | Oireachtas source

It was a crisis of their making. One must be very strong and very forceful. If there was an unequivocal statement from the Minister for Finance on this issue, it would have an impact. The Minister should not underestimate his authority. He has it in spades and he can stand up and say in this House that the banks should pass on the savings to variable mortgage holders because it is the right thing to do. It is the fairest thing to do. The idea that we will consistently ask one family at the top of the road to subsidise the family at the bottom of the road because of bad lending policy by the banks, which thought they could access funding forever and a day from the ECB and peg it to that, is shocking. That is where we are.

The cost of funds has been referred to. This is not only in the context of mortgages. Every day of the week, small businesses are in with banks, negotiating loan extensions and looking for term loans and funds.

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