Paul Coghlan (Fine Gael)

I welcome the Minister of State back to the House, although he is being overworked at the moment, and I welcome what he has had to say. During the last week, we witnessed an amazing spectacle. On the one hand, the Taoiseach spoke about a moral imperative and obligation, while the banks were saying – as is the position outlined by the Minister of State – that they have a commercial imperative. We are all aware what their bottom line is. I find myself in agreement with the comments of my colleague, Senator Higgins. Perhaps when the Financial Services Regulatory Authority was being established we could have done more to define the relationship that should properly exist between the various authorities.

I welcome the enhanced role of the Director of Consumer Affairs as outlined by the Minister of State. Many such matters are being examined both by the director and the Competition Authority, to whose forthcoming report on banking I look forward, as I am sure other Members do also. It will give us further food for thought.

Of course it is right that mortgage holders should be protected to the maximum possible degree. Ireland has a good rate of home ownership, which is higher than many countries, including our immediate European neighbours. Home ownership is an important safety valve which gives people civic pride. There is a huge difference, however, between what is being charged to borrowers, including businesses, and this is affecting our competitiveness. We are being lectured repeatedly about competitiveness and we are doing much of the lecturing ourselves.