Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

These families need support now. They need support from the Government. Yes, the ECB will set the rates independently but the Government can act. Mortgage interest relief was here until 2021 and the Tánaiste's party campaigned for its extension.

I gave examples of people who are paying an interest rate of 8%. The governing council of the ECB is going to meet next Thursday. The decision it will have to make is to what level interest rates are going to rise. The rates are going to rise further. The Central Bank has informed the Government of the impact on citizens in this State. It indicated that 20% of all mortgage holders are paying 50% more to service their mortgages. That is close to €5,000. That is based on where we are at now; it does not even factor in the increase that is will happen next Thursday. Things are going to get worse for these families. What is the Government telling them? That it might consider this in October. These people are under massive pressure. The Central Bank outlined in its report that families are going to fall into arrears. The Government has decided to wash its hands and say nothing.

The Government voted against our proposal. I know what Sinn Féin would do; it would introduce a targeted, tailored measure that would bring €1,500 relief to these people.

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