Seanad debates

Thursday, 7 July 2011

10:30 am

Photo of Brian Ó DomhnaillBrian Ó Domhnaill (Fianna Fail)

The Government should live up to the commitment in the programme for Government that the Official Languages Act 2003 would be reviewed prior to any decision to downgrade the provisions of the Act. The Government should show that commitment in the House later today.

I also want to refer to an issue raised by the Leader of the Opposition in the House, Senator O'Brien, namely, the alarming news coming from Europe that the ECB will increase its interest rate by 0.25%. This will affect 400,000 Irish homeowners who are on tracker mortgages and will increase mortgages by approximately €15 per every €100,000. The other alarming news we are learning today is that the two semi-nationalised banks, namely, Bank of Ireland and AIB, are considering increasing their variable mortgage rates. This would have drastic consequences for the people of the country who have mortgages with these institutions.

I propose an amendment to the Order of Business to include an emergency debate on this issue today, in the presence of the Minister for Finance or the Minister of State at that Department, so the public interest directors on the boards of both institutions are made aware by the Government of the serious consequences that any increase in mortgage rates would have for the customers of both these banks which are supported by the taxpayers of the country.

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