Billy Kelleher (Cork North Central, Fianna Fail) | Oireachtas source

I thank the Minister for her reply. We must also address interest rates and the cost of credit to small and medium-sized businesses and mortgage holders because it is much higher than the rates available in other countries in the eurozone. The European Central Bank sets the interest rate for the eurozone. The Irish economy must compete with other economies in the eurozone but our interest rates are roughly double those of most of the other eurozone member states with which we compete. As regards the cost of credit to mortgage holders, the variable rates in Ireland are approximately twice as high as the European average. Similarly, credit to small and medium-sized businesses costs approximately twice as much as the European average. As a member of the eurozone operating in the Single Market, we should at least address the fundamental problem of expensive credit costs for small and medium-sized businesses. This has not been done to date. Banks, the State and the European Union have an obligation to create a single market for access to credit across the eurozone.

See this speech in context