Nicky McFadden (Fine Gael)

I did not have an opportunity to contribute on the Order of Business yesterday and I thank the Cathaoirleach for allowing me to speak today. I join my colleagues in calling for a debate on banking. In this regard, Mr. Honohan gave me some encouragement when he spoke about jailing the bankers involved in criminal activities. Today, however, I read that AIB which has been bailed out by the State to the tune of €3.5 billion is to discontinue switcher mortgages at a time when people are down on their luck and need to be able to avail of lower interest rates. It is an absolute outrage that it can suddenly decide to stop offering such mortgages merely to suit its coffers. In the future it will only take on new business. The director of the Irish Mortgage Corporation, Mr. Frank Conway, has said people need to be able to switch from one company to another. As a result, there will be a closed shop, with only two lending institutions continuing to offer switcher mortgages. The other banks will be able to increase their rates as they choose, regardless of what is happening elsewhere in Europe. It is an outrage that the bankers are laughing at us and making a fool of this country. It is time the Government stood up to them because the vulnerable people at risk of losing their homes need to be looked after. I, therefore, urge the Leader to set a date for a debate on banking.