Marc MacSharry (Fianna Fail)

I welcome the Minister to the House. While there is much I would like to speak about, I will, because there are many Members wishing to ask questions, confine myself to questions to the Minister. With the recapitalisation of European banks likely at this stage, can the Minister guarantee that the template used for Irish banks, if adjusted by the troika, will be retrospectively visited if a sweeter deal is done for the stakeholders in the European banks? I fear that while stakeholders here were clubbed by the troika in the template designed for Ireland an easier deal may be put in place to deal with the European banks. Can the Minister guarantee that if that is the case it can be retrospectively adjusted in favour of the stakeholders here? The Minister referred earlier to the various shareholdings wiped out here.

The expert group's report will go to the Cabinet next week, after which it will be discussed in the House. Can we have tangible, visible action from banks to deal with people in mortgage difficulties? It has been stated that those engaged in mortgage arrears resolution processes with banks are being given alternatives, but they are not. It is a superficial engagement in which the bank determines to move on because someone is a financial basket case and cannot operate. Can the same level of openness be applied when dealing with people with distressed mortgages as was applied to Ireland when the repayment period for our national debt was extended with a consequential interest rate reduction?

As the German Government did previously, will our Government consider applying a maximum chargeable interest rate on all lending? The Minister is aware that 187% is legally chargeable for short-term lending. As can be borne out by research, this promotes the black economy, in particular illegal moneylending.