Gerry Adams (Louth, Sinn Fein) | Oireachtas source

Sinn Féin also seeks an emergency debate on this and other HIQA reports, which I have raised here, and on a letter from HIQA which made it clear that most of its recommendations had not been acted on and that patient safety was, therefore, at risk. I will return to the issue later.

Now, I will deal with the refusal by the Irish banks to cut variable mortgage rates for struggling householders and to pass on the European Central Bank's reduction in interest rates. On 30 April, the Taoiseach said it was unacceptable, and he has voiced similar sentiments for years. However, yesterday, in a report to the Department of Finance, the Central Bank said it does not want powers to compel Irish banks to reduce variable mortgage interest rates. The 300,000 mortgage holders will have received the news with utter dismay. They know, and the Taoiseach knows, and we should be very clear about what is happening. Although the ECB reduced its variable interest rates, the Irish banks have refused to pass the reduction on to households but are pocketing the money. Irish mortgage holders are being ripped off by the banks while the Central Bank is refusing to protect them.

Over the past four years, Sinn Féin has been calling on the Taoiseach to take action on this. The Taoiseach must take the opportunity to state very clearly and robustly that he rejects the Central Bank's recommendations. He must make it very clear that he will ensure the Central Bank takes on these new powers. Will the Taoiseach assert clearly that he will ensure that mortgage holders who have been denied the benefit of the ECB reductions will, finally, be afforded some relief?

See this speech in context