Dáil debates

Thursday, 16 December 2021

Ceisteanna Eile - Other Questions

Mortgage Interest Rates

11:50 am

Photo of Seán FlemingSeán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

On that issue generally, the European Central Bank, ECB, has a much greater role in overseeing and regulating the Irish banks. As time progresses the ECB will try to equalise all the issues with reserves across the various member states. We have had a historic higher level of defaulting, we had a higher level of people not paying mortgages and we still have a higher level of arrears, relative to other EU countries. As long as that is the case, it will have a knock-on effect on those people who are paying the interest rates. It is a little bit like insurance - if the costs are higher, it will be reflected in the costs to the people who are paying. The banking review that the Minister, Deputy Donohoe, established recently will examine the range of bank and non-bank providers involved in the provision of mortgages in Ireland. It will also assess the impact of competition, consumer choice and protection, and market and regional coverage of any financial area in the country.


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