Michael McCarthy (Labour)

I thank the Cathaoirleach for his indulgence. I want to make two brief points. First, the ECB rate is expected to fall again this week. In fact, it is expected to fall later this afternoon. The rate is as close to zero as it ever has been. Those on tracker mortgages will automatically be beneficiaries of that reduction, those of us who are on variable rates may, at the discretion of the banks, be beneficiaries but, unfortunately, those on fixed rate mortgages will not benefit. I have raised the issue in this House previously. The taxpayer has bailed out and recapitalised the banks. A quid pro quo is required to ensure the banks look at giving those on mortgages fixed at a time when interest rates were going up some benefit of the reduction in the ECB rate.

Second, it is preposterous that IBEC would continue this vendetta against those on social welfare and ask for reductions in social welfare payments. Those who are on €220 a week are finding it difficult enough to live on that rate.