Tom Fleming (Kerry South, Independent) | Oireachtas source

I welcome the Bill devised by Deputy Michael McGrath. It offers and demonstrates the necessary mechanism to get us out of the ongoing impasse whereby the banks are continuing to mistreat and abuse existing mortgage holders. In concentrating on chasing new house buyers, the banks have slashed interest rates. However, approximately 320,000 variable rate customers are losing out and paying on average €2,000 per annum more than new borrowers. This unfortunate cohort of mortgage holders is trapped with its lenders and remains vulnerable to higher interest rates in future.

It is disingenuous of the European Commission to intervene in this matter by backing up the hard line taken by the banks and advocating that the banks which were bailed out by citizens be allowed to further profiteer on the backs of mortgage holders. The President of the European Central Bank, Mr. Mario Draghi, stated twice in 2014 that the ECB wanted the Irish banks to pass on cuts in lending rates but stopped short of contacting the banks to ask them to reduce their variable mortgage rates, which are the highest of the 19 members of the eurozone.

A variable rate cut would have several benefits for the wider economy. Most people have yet to see any increase in their disposable income. This is the main reason consumer spending on goods and services has been the weakest indicator of recovery in the economy. Given the many benefits that would accrue as a result of the enactment of the Bill, I will support it in the hope that it will be passed.

See this speech in context