Finian McGrath (Dublin North Central, Independent) | Oireachtas source

I warmly welcome the Bill. Despite proposing new legislation and presenting alternatives, the Opposition is regularly criticised in the national media for not having options. This is welcome legislation which will be important for the 300,000 families affected by high variable mortgage rates, many of whom are suffering stress.

Despite the role played by the banks in recent years, nothing seems to have changed. Many of us are not impressed by and do not trust the senior officials in the banks. Many families, particularly young people, are suffering. People with a €200,000 mortgage on a variable interest rate are paying €992 more than new customers and €4,000 more than the European Union average.

The country faces a child poverty crisis. In 2008, the rate of child poverty stood at 6.3%. It now stands at 11.7% and a further 17.9% of children are at risk of poverty. These are shocking figures for a developed country. Many families are struggling to survive and pay their mortgages and they need our support.

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