John Halligan (Waterford, Independent) | Oireachtas source

I note the Irish Independent reports today that the European Commission has backed the stance taken by the banks in refusing to reduce variable interest mortgage rates. One can imagine how people across Europe feel about how the European Union treats ordinary works. When one considers what the EU is doing to Greece and its role in the negotiations on a transatlantic trade and investment partnership, TTIP, it is little wonder people are losing faith in the European project. The European Union should stand by hard-pressed, ordinary Europeans.

What is happening is very simple; the banks are profiteering on the backs of hundreds of thousands of mortgage holders. This is incomprehensible to hundreds of thousands of people.

The Government stands by and gives all sorts of excuses that it cannot do this or that, is negotiating with the banks and cannot force them to do what they should. However, it can force many of those people who are caught in these mortgages to pay household charges or water charges by law. The Government will not help those people to deal with the banks that are ripping them off. The Government is completely underestimating the fury of a lot of people. They may be silently furious, but they are still furious at the way they are being treated by the banks. Having bailed out the banks years ago, they did not expect that the banks would come along and do what they are doing. Right across Europe, the rate is 2% less. In Northern Ireland the rate is 1.2% or 1.5% but here the banks are more or less telling the Government to take a jump, that they will do what they like and that they will not take any advice. That is about the size of it.

The Government needs to get its act together on this. The ordinary, everyday people of this country did not bail out the banks to be ripped off by them again. I finish by saying what was quoted. I am not too sure where it comes from, but the word used was "profiteering". It is profiteering by the banks at the expense of everyday, ordinary people. I cannot understand why the Government will not back the Bill. It has been saying all along what the banks are doing and getting away with. As Deputy Clare Daly has said, this is a very modest Bill and there is no reason for the Government not to back it and to bring in some sort of legislation to deal with the banks.

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