Larry Butler (Fianna Fail)

I wish to deal with a matter which we are all concerned about in this House, namely fixed rate mortgages. I draw the Leader's attention to the importance of the Minister for Finance coming before the House on this matter, and I have a proposal on how the matter could be dealt with. In the long term, this will create a major problem for mortgage holders in the country, who are at an all-time low now. There is an opportunity for both the Minister and the banks to facilitate mortgage holders being fixed in at a moderate rate for five years.

This would support mortgage holders five years down the road and stop any further problems for them. I propose that the Minister look at having a small break facility in mortgages. The cost of such a break should be reduced and instead of any money changing hands, it should be added to people's mortgages over the period. This would be a way in which we could reduce our commitment to borrowings on behalf of the lender. I suggest the Leader consider this matter. I am getting further details on it and it is important we act on it now.