Michael McCarthy (Labour)

Later today the European Central Bank is expected to cut interest rates from 2% to 1.5%. While that is welcome news, unfortunately, it is of no benefit to those who hold fixed rate mortgages. Given the manner in which the State has bailed out and guaranteed our financial institutions since the advent of the global financial crisis, the least we should expect is that banks would pass on the reduction to those with variable rate mortgages. Even those who hold variable rate mortgages are not guaranteed to benefit from the reduced rate, never mind the unfortunate people who have fixed rate mortgages. The Government should insist that banks pass on the reduction as a quid pro quo for its support. Policies in respect of fixed rate mortgage holders should be reviewed given that for the past several years mortgage applicants were advised by banks to take out fixed rate mortgages. The expectation was that interest rates would increase but the mortgage holders are not benefiting now that rates are falling. I urge the Leader to raise this matter with the Minister for Finance. I have corresponded with the Minister and, while I understand the issues that arise, I believe a strong case can be made for revisiting this policy.

A Latvian ship, the MV Defender, arrived in the Port of Cork yesterday after being seized by port state control officers and the Department of Transport on the grounds that it was keeping inadequate at-sea logs and did not have sufficient supplies of food. The ship's nine crew members have not been paid in six months and are literally being starved. This is the second time that the ship has been detained in the Port of Cork. It is an affront to humanity to starve people and refuse them their due wages. I commend the Greater Chernobyl Cause on arranging emergency food supplies for the crew. Opposition Members usually offer constructive criticism of the Government but in this instance I commend the Department of Transport and the port state control on its prompt action. I am disgusted that any human would be starved or denied his or her rightful wages.