Obviously, budgetary matters in the first instance will be considered by the Minister for Finance. Across Europe, interest rates have been rising. The ECB has hiked its key policy interest rates by 2.5% since last July. Individual lenders will respond as to whether they will pass on these increases. To date, retail banks have increased fixed rates for new or switching customers but have not increased their variable rates. Some non-bank lenders have raised variable interest rates. We will keep the issue under review. The average interest rate on new mortgages in Ireland is now 2.57%. The average across the eurozone is 2.84%. Ireland's rates are now the third lowest in the euro area, after Malta and France. That is poor consolation for those who have had increases in interest rates because of the inflationary macroeconomic environment we are currently experiencing.

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