Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The Deputy is correct to highlight the impact of changes in monetary policy on mortgage holders. They also have an impact on businesses and the sovereign. We have to consider all of these issues in the round. For example, we have to consider in the coming weeks a number of various taxation measures that are due to expire. I have no doubt that the Deputy will have certain views on those as well. He will raise at least one specific issue in that respect in one of his upcoming questions.

It must be acknowledged that, in Ireland, the trend for a long time has been for the level of mortgage arrears to fall consistently. This is welcome progress and is a reflection of the strength of the economy. It is also a reflection of the fact that interest rates have fallen. Rising interest rates have an immediate impact on tracker customers and many variable rate borrowers, but it should also be acknowledged-----

See this speech in context