Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

As the Taoiseach knows, the ECB has hiked mortgage interest rates by a record margin. It does so at a time when Central Statistics Office, CSO, data released today show house prices soaring above Celtic tiger levels. There are increases of 10.4% in Dublin and of more than 15% outside the capital. I would like to know what action the Government is going to take in response. In terms of the interest rate hikes, annual mortgage payments will now rise by hundreds of euro and this will prove to be the final straw for many households. We must remember that the banks were bailed out by the people when they verged on collapse. They have now returned to profitability. I put it to the Taoiseach that it is the banks that should absorb this hike and not pass it on to customers. Has the Taoiseach spoken to the Minister for Finance on this matter? Will he impress upon him the need to call in the top brass from the banks and tell them they need to protect the customer?

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