Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

That is the Government's line when it suits it, but in November 2011 the Minister for Finance, Deputy Michael Noonan, made much of the fact that he had persuaded AIB to reduce its rates by 0.25% following a cut by the ECB. When it suited, the Government sought to claim credit for putting pressure on a bank to reduce its interest rates. In addition, the last meeting between the Governor of the Central Bank and the Minister for Finance was routine, as I understand it, although during the debate during Private Members' time it was played up by the Fine Gael press office as a major initiative. In essence, both the Governor and the Minister "noted" that the variable rates charged in Ireland were higher than in other eurozone countries, which is hardly earth shattering to note. They then said research would continue. People observing this would say there is no justification, by any objective measurement, for standard variable rate customers having to pay such punitive interest rates in comparison with others. When average families look at what is happening with the banks, they see a clear truism emerging. Big companies and corporate entities are being given massive discounts on their loans, amounting to hundreds of millions of euro in some cases. Despite the recapitalisation of the banks and the substantial funds that have been made available to them, we read today about the vetoing of so many mortgage arrears settlement proposals under the personal insolvency regime. That, coupled with the position on standard variable rate mortgages, illustrates there is absolutely nothing for ordinary families. Nothing whatsoever has been done for them in the past few years.

They watch as others get €100 million per company in write downs or restructures and are asking a very basic question-----

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