Seán Fleming (Laois-Offaly, Fianna Fail)
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The Government chose to fill this week's Dáil schedule telling the country how wonderful it believes it is. This sets a new world record in backslapping.

Patrick O'Donovan (Limerick, Fine Gael)
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Better than backstabbing.

Seán Fleming (Laois-Offaly, Fianna Fail)
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It shows how out of touch the Government has become. There was little or no mention of how it would specifically tackle the plight of householders with variable mortgage interest rates other than by meeting the banks. The 300,000 families paying these penal variable rates pay on average 2% more than other EU customers, or €6,000 per annum. Over the lifetime of a mortgage, that is almost enough to pay for a house.

When we raised this matter in Private Members' time a month ago, the Government expressed concern and stated that it would speak with the banks. The Minister for Finance, Deputy Noonan, met the Governor of the Central Bank and expressed his concern. Last Tuesday, he stated that he would meet the banks' CEOs to express his concern. However, the horse has already bolted. At yesterday's Oireachtas finance committee meeting, Bank of Ireland and Ulster Bank confirmed that there would be no rate cut, as their variable rates were not overpriced as far as they were concerned.

Does the Minister for Communications, Energy and Natural Resources agree with the CEOs that their variable mortgage rates are not overpriced? Does he believe it acceptable that the banks are refusing to reduce their rates? Now that Plan A - expressing concern - has failed, has the Government a Plan B? Fianna Fáil will not let this matter go. We will pursue it until we force the Government to act. The majority of the 300,000 families involved are paying penal rates to banks that are fully owned by the Irish taxpayer and controlled by the Government. Other than expressing concern, is it going to do anything substantial to solve this problem?

Mattie McGrath (Tipperary South, Independent)
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Nothing.

Alex White (Dublin South, Labour)
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The statement of Government priorities from 2014 to 2016 recognised that promoting and encouraging competition and new entrants in the banking sector were required to put downward pressure on interest rates for variable rate mortgage customers, both new and existing.

Mattie McGrath (Tipperary South, Independent)
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Change the script.

Alex White (Dublin South, Labour)
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The mortgage interest rates that independent financial institutions operating in Ireland charge to customers are determined as a result of a commercial decision by the institutions concerned. The Minister for Finance and the Central Bank have no statutory role, as the Deputy is aware, in respect of the mortgage interest rates charged.

Mattie McGrath (Tipperary South, Independent)
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Send that script by e-mail.

Alex White (Dublin South, Labour)
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While the ECB base rate is a factor in determining those rates, a broad range of other factors, including deposit rates, market funding costs, the competitive environment and the institutions' overall funding, are key determinants. The improvements in the overall economy, reduction in the cost of funds, increased demand and greater competition between lenders has led to a reduction in the standard variable rate, SVR, offered by the majority of banks for new customers or, in the case of AIB, all SVR customers.

Mattie McGrath (Tipperary South, Independent)
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Claptrap.

Alex White (Dublin South, Labour)
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As part of the Central Bank's work on mortgage arrears, lenders were asked to consider all avenues to help customers in arrears, including interest rate reductions. The regulation of interest rates remains a policy area under active review.

Robert Troy (Longford-Westmeath, Fianna Fail)
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"Active review"?

Alex White (Dublin South, Labour)
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This has been the subject of correspondence between the Department of Finance and the Central Bank. The Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 will ensure that all mortgage holders will have the protection of the code of conduct on mortgage arrears and access to the Office of the Financial Services Ombudsman. The actions already taken by the Government to promote competition in the banking sector, including the establishment of the Strategic Banking Corporation of Ireland, the credit guarantee scheme and the amendments to section 149 of the Consumer Credit Act to encourage new entrants into the financial sector, are important.

At a recent meeting between the Minister for Finance and the Governor of the Central Bank, the issue of mortgage interest rates was discussed. The Governor provided an update on the ongoing work that he and his officials were carrying out on the issue of the SVRs charged by lenders. The Governor and the Minister noted that the SVRs charged in Ireland were higher than in other euro area countries and had not fallen in line with ECB wholesale rates. The Central Bank will continue researching why this is the case and will publish its results shortly. The Governor will update the Minister on progress in due course.

In terms of the next step, the Central Bank will present the results of its research to the Minister in the coming weeks. He has given a commitment that he will initiate discussions with the six main lenders in Irish banking on the issue and looks forward to hearing their plans for reducing interest rates.

Seán Fleming (Laois-Offaly, Fianna Fail)
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Unfortunately, the Minister's response did not address the issue. The banks have already indicated that they will not take the concerns of the Minister for Finance. I am disappointed in the Minister present because I believed that I would get a good and intelligent answer from him, but most of what he read-----

Mattie McGrath (Tipperary South, Independent)
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Toe the line. Read a script.

Seán Fleming (Laois-Offaly, Fianna Fail)
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-----could have been read to us last November. I am afraid to say that he sounded like a ventriloquist's dummy. I do not think he even believed the script himself.

Mattie McGrath (Tipperary South, Independent)
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No.

Seán Fleming (Laois-Offaly, Fianna Fail)
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He came to the Chamber with a script, most of which was written last November, and parroted it.

Mattie McGrath (Tipperary South, Independent)
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A joke.

Seán Fleming (Laois-Offaly, Fianna Fail)
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It seems that the banks are only interested in their own profits. By their actions, including those that they confirmed this week, they are adding to the social housing waiting list.

Mattie McGrath (Tipperary South, Independent)
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A bankers' charter.

Seán Fleming (Laois-Offaly, Fianna Fail)
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They have admitted that they intend to chase people they have made homeless for the outstanding debts and negative equity. Did the Minister hear that? They will chase the homeless for the outstanding debts and negative equity.

Mattie McGrath (Tipperary South, Independent)
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Oliver Cromwell is back.

Seán Fleming (Laois-Offaly, Fianna Fail)
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That was stated in Leinster House yesterday. They will not even leave the homeless alone.

Is it the case that the Government is powerless over the banks - it gave them a veto - or is it choosing to do nothing other than to meet them, examine the facts and express concern? None of that will reduce the rates. We assure the Government that it will answer in this Chamber every week from this week on until we see a reduction in rates. We will not let this go.

Mattie McGrath (Tipperary South, Independent)
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Hear, hear.

Bernard Durkan (Kildare North, Fine Gael)
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Fianna Fáil did not do much about the issue when it had responsibility for this.

Alex White (Dublin South, Labour)
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The Deputy is well aware, and has not questioned what I stated, that there is no statutory power to direct a reduction in interest rates. If I am wrong in that, maybe the Deputy might correct me.

Ray Butler (Meath West, Fine Gael)
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Smoke and mirrors.

Alex White (Dublin South, Labour)
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Or if he is proposing-----

Seán Fleming (Laois-Offaly, Fianna Fail)
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The Minister has asked me to correct something.

Alex White (Dublin South, Labour)
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He started off-----

Ray Butler (Meath West, Fine Gael)
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I thought that might upset him.

Seán Fleming (Laois-Offaly, Fianna Fail)
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The Minister directed a question to me. On a point of order, the Minister-----

Seán Fleming (Laois-Offaly, Fianna Fail)
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On a point of order, this is Leaders' Questions.

Alex White (Dublin South, Labour)
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Yes, but if you give me an opportunity-----

Seán Fleming (Laois-Offaly, Fianna Fail)
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The Minister has directed a question to me. He has signalled the right of the Government to answer.

Patrick O'Donovan (Limerick, Fine Gael)
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The Deputy should sit down and take his seat.

Michael Kitt (Galway East, Fianna Fail)
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Deputy-----

Patrick O'Donovan (Limerick, Fine Gael)
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It is not a great audition.

Seán Fleming (Laois-Offaly, Fianna Fail)
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The Minister has asked me a direct question. When the Minister asks direct questions, he-----

James Bannon (Longford-Westmeath, Fine Gael)
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The Deputy has got his wings.

Patrick O'Donovan (Limerick, Fine Gael)
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Deputy McGuinness is way better.

Michael Kitt (Galway East, Fianna Fail)
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The Chair is on his feet.

John Lyons (Dublin North West, Labour)
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Deputy Sean Fleming should sit down.

Michael Kitt (Galway East, Fianna Fail)
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The Minister is replying to the questions.

Ray Butler (Meath West, Fine Gael)
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Yes. The Deputy will get answers now.

Seán Fleming (Laois-Offaly, Fianna Fail)
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The Minister asked me a direct question.

Patrick O'Donovan (Limerick, Fine Gael)
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Try to show some bit of respect.

Seán Fleming (Laois-Offaly, Fianna Fail)
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The Minister asked a direct question and I outlined what legislative powers the Minister for Finance had.

Patrick O'Donovan (Limerick, Fine Gael)
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We know that the Deputy has no respect for-----

Seán Fleming (Laois-Offaly, Fianna Fail)
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The Minister asked a direct question.

Kevin Humphreys (Dublin South East, Labour)
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For heaven's sake.

Seán Fleming (Laois-Offaly, Fianna Fail)
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The Minister asked a direct question. He is entitled to an answer.

Patrick O'Donovan (Limerick, Fine Gael)
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Deputy Sean Fleming is a show. Deputy McGuinness was right. This carry-on is a disgrace to all of Fianna Fáil.

Seán Fleming (Laois-Offaly, Fianna Fail)
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I will give him that answer.

Seán Fleming (Laois-Offaly, Fianna Fail)
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If the Minister will withdraw his question to me, I will sit down.

Michael Kitt (Galway East, Fianna Fail)
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Deputy, please.

Seán Fleming (Laois-Offaly, Fianna Fail)
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Will he withdraw the question to me or does he want-----

Patrick O'Donovan (Limerick, Fine Gael)
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Deputy McGuinness was right. Fianna Fáil is a show.

Michael Kitt (Galway East, Fianna Fail)
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I will deal with this. Will the Deputy resume his seat?

Seán Fleming (Laois-Offaly, Fianna Fail)
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If the Minister withdraws his question.

Kevin Humphreys (Dublin South East, Labour)
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For God's sake.

Michael Kitt (Galway East, Fianna Fail)
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If the Deputy does not resume his seat, I will suspend the House.

Seán Fleming (Laois-Offaly, Fianna Fail)
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I will not have questions put to me in this Chamber without an opportunity to answer them.

Patrick O'Donovan (Limerick, Fine Gael)
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The Deputy will not be able to spin.

Seán Fleming (Laois-Offaly, Fianna Fail)
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The Minister asked the question. Does he want the answer?

Patrick O'Donovan (Limerick, Fine Gael)
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It is like "Reeling in the Years" for Fianna Fáil. The face of the future.

Michael Kitt (Galway East, Fianna Fail)
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I cannot put that to the Minister if the Deputy keeps talking.

Seán Fleming (Laois-Offaly, Fianna Fail)
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Put it to him, or I will rise again if he does not-----

Michael Kitt (Galway East, Fianna Fail)
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Is the Minister happy to reply without asking questions?

Alex White (Dublin South, Labour)
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Absolutely.

Mattie McGrath (Tipperary South, Independent)
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The Minister has no answer. That is why.

Michael Kitt (Galway East, Fianna Fail)
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The Minister, please.

Seán Fleming (Laois-Offaly, Fianna Fail)
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Will he-----

Alex White (Dublin South, Labour)
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Let me rephrase what I said-----

Mattie McGrath (Tipperary South, Independent)
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We never get an answer.

Alex White (Dublin South, Labour)
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-----to assist the Deputy.

Patrick O'Donovan (Limerick, Fine Gael)
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Does Deputy Mattie McGrath want to return to Fianna Fáil?

Seán Fleming (Laois-Offaly, Fianna Fail)
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Will the Minister withdraw the question?

Patrick O'Donovan (Limerick, Fine Gael)
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Deputy McGuinness would not have Deputy Mattie McGrath back if he were leader.

Mattie McGrath (Tipperary South, Independent)
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He has a script.

Michael Kitt (Galway East, Fianna Fail)
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The Minister has the floor.

Kevin Humphreys (Dublin South East, Labour)
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Where was Deputy Sean Fleming on the day of the bailout? Where was he for the bank guarantee?

Seán Fleming (Laois-Offaly, Fianna Fail)
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Will the Minister withdraw the question? This will not run any more. Will he withdraw the question?

Michael Kitt (Galway East, Fianna Fail)
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The Minister will answer the question if the Deputy resumes his seat.

Seán Fleming (Laois-Offaly, Fianna Fail)
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No. He asked a question.

Mattie McGrath (Tipperary South, Independent)
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The Minister cannot answer.

Seán Fleming (Laois-Offaly, Fianna Fail)
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I will answer his question.

Patrick O'Donovan (Limerick, Fine Gael)
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There will be a telephone call from Cork in a moment.

Seán Fleming (Laois-Offaly, Fianna Fail)
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Will he withdraw it?

Michael Kitt (Galway East, Fianna Fail)
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Resume your seat. The Minister will reply.

Mattie McGrath (Tipperary South, Independent)
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Forget Joan Burton. Look at Alex.

Seán Fleming (Laois-Offaly, Fianna Fail)
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Will he withdraw the question?

Michael Kitt (Galway East, Fianna Fail)
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Will the Deputy please resume----

Seán Fleming (Laois-Offaly, Fianna Fail)
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Will he withdraw the question or else let me answer it?

Michael Kitt (Galway East, Fianna Fail)
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Deputy Fleming, please resume your seat. If you not do so, I will have to suspend the House. What you are doing is not fair to other Members.

Michael Kitt (Galway East, Fianna Fail)
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Does Deputy Fleming want the Minister to reply?

Michael Kitt (Galway East, Fianna Fail)
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I am suspending business for five minutes.