Enda Kenny (Mayo, Fine Gael) | Oireachtas source

I have made it perfectly clear for quite some time that the Government is unhappy and finds it unacceptable that lending banks have not passed on the reduction in rates at which that they borrow to variable rate mortgage holders. The Minister for Finance has made it clear on many occasions that were the Central Bank to request him for legislative authority to deal with interest rates, he would so legislate. Deputy Gerry Adams is aware that neither the Central Bank nor the Government dictates what variable interest rates should be. The Minister is returning from Brussels today from a Eurogroup meeting. The Deputy seems to be quoting from the report in question which I have not received yet. It has been received in the Department of Finance and I expect the Minister will have an opportunity to go through it this evening. Obviously, he has made his intention clear of engaging with the banks, following receipt of the report, on variable mortgage interest rates. Everyone knows that variable rate mortgage holders have struggled and are struggling in a very unfair position where the banks have not passed on rates that were reduced for themselves. I suggest to the Deputy that it would be only appropriate for the Minister to assess and analyse the report which he asked the Central Bank to provide for him. We will have an opportunity to discuss the report here in due course. It is for the Minister to make recommendations to the Government on what is the appropriate and best thing to do, taking into account that the Government has made it clear that we do not find it fair or acceptable that this situation is continuing.

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