Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

While I will consider the option which the Deputy has outlined for me, I rely on the Central Bank to advise me on these matters. It has advised very strongly not to introduce legislation along the lines of the very good Bill which Deputy McGrath produced. While we might have short-term gains for persons on variable mortgage rates, the availability of mortgage funding could dry up. There would be another tranche of people who would not be able to get mortgages on the market if there was a strict fixing of rates applied by the Central Bank or some other agency.

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