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

As I said to the Deputy, it is a major cause of concern in certain households. I am very much aware of the concern he expresses and I will be in constant dialogue with the bank, but the solution is more competition. The different banks cannot offer the same product at the same price because if they do, there is no competition. I want them to offer different products and if there are price variations, that is the competition but people must be willing to switch. It is a question that needs to be addressed by the advocates in terms of saying that this is a major crisis. If the Deputy's figure is correct, why did only 700 switch from a particular bank? One possible answer is that interest rates across the world are at an historic low even though the comparative interest rate between here and the European Union is high. The Deputy should ask his parents' generation what they were paying on their mortgage and he will see that. Interest rates are at an historic low.

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