Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

All those excessive profits the banks are making go untaxed under the Tánaiste's Government. The banks have told us themselves that, despite making nearly €1 billion in the first six months of this year, this will boost their interest income by another €1 billion. The Central Bank has told us that, of all European banks, Irish banks will benefit most from the hikes. It is not just about making excess profits. We are now in an almighty cost-of-living crisis and the banks should do the right thing. Some banks have not passed on the first two interest rate hikes. They need to do likewise with the third. I make that call on behalf of Sinn Féin to the banks today.

As the Tánaiste has recognised, there is an automatic increase for tracker mortgage customers. There has been mortgage interest relief in the past. It has been targeted. It was tailored and time-bound. Does the Tánaiste not believe it is now time to introduce a similar measure to deal with this shock? It is a shock to many tracker mortgage customers, who will see interest rate payments increase by €2,000 per year. As the Tánaiste will know, the European Central Bank has done three interest rate hikes. It has signalled that it could do as much as five, and there is expectation that there will be another early in the new year. Will the Tánaiste therefore consider options to look at mortgage interest relief in a tailored, time-bound fashion that is targeted at those who are most under pressure as a result of these moves?

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