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

The pressure is not on because the Minister, Deputy Noonan, said yesterday that the banks have moved and that people should shop around - switch around is what he said. The pressure is off. The Taoiseach or someone leaked the European Commission report yesterday to coincide with the Fianna Fáil Private Members' Bill, saying that the EU is now stating that we cannot interfere and should not interfere, and the Central Bank says we should not interfere. What about the role of the Government to ensure that the Central Bank fulfils its obligation in regard to consumer protection? What is happening to those 300,000 families is unjust. The July deadline has passed and the banks have not moved in any substantive way on the standard variable rate mortgage interest issue, and no one can deny that they have not moved. The Minister of State, Deputy English, said yesterday evening that the option of legislation is still open. The Taoiseach is saying this morning that it is not open because the Central Bank has said it is not open. The Government does not want to initiate any legislation in this regard.

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