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

Very much so. As I said, we will continue to monitor the adequacy of the consumer protection code that is in place. I believe, however, that it is robust and that the Central Bank and other authorities will take very carefully their responsibilities to ensure that borrowers who find themselves in positions of distress receive the necessary information and are made aware of the options available to them.

I appreciate the Deputy's acknowledgement of some of the changes that have taken place in our mortgage market recently. It is worth noting that the differential between the Irish and the average euro interest rate for new mortgages declined from 1.4% at the end of 2021 to 0.4% at the end of August of this year. I hope that this kind of narrowing will play a role in moderating what I know will still be considerable difficulty for many households and for businesses. We will monitor the code that is in place, but I believe it is fit for purpose to deal with the challenges that could develop.

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