Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I thank all those who contributed on the motion. It is an important debate because so many people are struggling as a result of high interest rates. For some borrowers, they have increased on five occasions since June of last year. I described some of the arguments put forward by the Government as stupid arguments. I did so because the Government speakers have tried to suggest that every mortgage holder in the State will get €1,500. However, the motion is clear, as the Minister of State would know unless she has not read it, that it relates to the increased interest rate since June last year. It is not the case that everybody would get €1,500. That is a nonsensical suggestion. I made clear in my earlier contribution that we work with the Parliamentary Budget Office - I am sure the Ministers opposite will recognise the independence and professionalism of that office - and it costed this proposal for us. It did so on the basis of assumptions in respect of interest rate increases that could happen in the coming period and those that have already taken place. I can touch on that point again later. There is a clear motivation on behalf of the Government in this context, and it is not about the interest rate or the fact that people spoke in public, such as on "Prime Time" last week, for example, about being mortgage prisoners and how they are now paying 7.5%. The Government's objective does not relate to reaching out or trying to support those individuals; rather, it is to somehow suggest this is going to cost €600 million or €700 million and so on-----

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