Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I thank the Deputy for raising that point. Yes, of course we are monitoring the impact that rising interest rates are having on the cost of living and on families, households and businesses. The Central Bank has not approached me looking for additional powers or tools to deal with the consequences of that impact.

As the Deputy will be aware, the code of conduct on mortgage arrears already sets out the provisions under our consumer protection code to help borrowers in borrowing distress. We recognise the great difficulty that is there. As Deputy Nash will know, however, in February 2017 a number of increased protections for mortgage holders were brought in. Those measures were then provided for in an addendum to the consumer protection code of 2012. That brings forward measures that aim to improve the level of information provided to borrowers on variable rates annually. It also indicates the responsibilities that sit upon banks when dealing with mortgage holders who find themselves in the position of distress to which the Deputy refers.

I appreciate the seriousness of this matter. I believe that the consumer protection provision we have in place is adequate. I do not believe that bringing in new changes to our tax code is appropriate at the moment. I believe that the cost of doing so would be very high and that the measures we have in place in our protection code for consumers, for our citizens, are adequate. They will always be monitored and kept under review.

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