Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

I thank the Minister for his response. He is right, it is a very big issue because 300,000 households with young families are being screwed and crippled by interest rates. In some instances, the interest is twice the rate of that in other EU member states. Some people are paying €4,000 a year on a €200,000 mortgage more than is being paid in Northern Ireland. That is not fair. The Minister talks about his modest reductions in the universal social charge, USC, in the budget but can he imagine what an extra €4,000 a year would do for many families who are struggling? He said he concluded a series of meetings in September but the consequence of these meetings was a totally inadequate response from the banks. The meetings were about as useful as an ashtray on a motorbike because the interest rates are still too high and are crippling people. The Minister talks about the reduction in fixed rate interest rates but that does not suit everybody. He talks about switching mortgages but that is not suited, or open to, people in mortgage arrears or negative equity.

This party produced legislation earlier in the year which would have given power to the Central Bank to intervene. It is time the Minister enacted that legislation.

See this speech in context