Dominic Hannigan (Labour)

We welcome yesterday's decision to lower interest rates worldwide. For the average borrower this makes a difference of approximately €100 per month, if one has a tracker mortgage. However, for those on a variable mortgage the situation is different. In such cases it is up to the banks and financial institutions to decide whether to pass the reduction on, as my colleague, Senator O'Toole, said. Some banks have said they will pass it on, however the three biggest mortgage lenders in the country have so far failed to do so. They say they will review the situation. This is not good enough and is exactly the type of carry on that we worried about last week. I heard a spokesperson from the Financial Regulator on the radio this morning and I do not believe, even if it had the power, that it has the bottle to ensure these changes are passed on. It is important we give a clear message to the Minister for Finance that he must examine the situation and, if possible, put some clauses in the scheme to ensure these financial institutions are obliged to pass on any savings. Otherwise it is a windfall profit for them and represents excess charges.

Last week we debated the Housing Bill 2008 in the House. The Labour Party made the point that the debate failed to include the topic of homelessness. This morning the Simon Community produced what I believe is a very sensible idea for tackling the problem of homelessness in Dublin, namely, to buy up apartments that are currently empty. Estimates suggest up to 10,000 apartments built during the boom lie unoccupied in the current climate. Many of these are one-bedroom apartments and are precisely the type of property we need to tackle homelessness. Will the Leader impress upon the relevant Minister that the Government can tackle the homeless problem in Dublin by buying these apartments, meeting its target in the national development plan in the process and help to kick-start the Dublin housing market?

I congratulate two of our universities in achieving ranking among the top 108 universities in the world. Many in the House will have attained too many points to go to Trinity College, but it deserves particular congratulations for achieving a place in the top 50. This illustrates what can be achieved by investing money in education. Let us ensure this investment is maintained not only at third level but across all the sectors of education. Will the Leader impress upon the Minister for Education and Science the need to ensure that the level of money invested in education is maintained and, if possible, increased in next weeks budget?