Maurice Cummins (Fine Gael)

Senators Darragh O'Brien, Coghlan, Conway, Norris and several others raised the issue of interest rate cuts. The Government agrees with the Financial Regulator who has stated he will not tolerate unfair increases being put on variable mortgage holders to make up for the banks' past mistakes. Apart from the recent European Central Bank interest rate decrease, the Financial Regulator has said he will be assessing the matter carefully. The Central Bank has also stated it will consider seeking additional legislative powers to force the limit on the interest rate charged by the banks. The Taoiseach has already given an undertaking that he will consider this request and the Government will take quick action on the matter. The Government wants all the banks, not just State-supported ones, to treat their customers fairly in this regard.

My office is making inquiries if the Minister of State at the Department of Finance, Deputy Brian Hayes, will be available either today or tomorrow for a debate on appointments to the European Court of Auditors and the capital programme. However, I cannot offer a guarantee in this regard. Ministers have various commitments and I cannot say whether the Minister of State, Deputy Hayes, will be available next week. Nevertheless, I will endeavour to facilitate a debate on the matter, subject to the availability of the Ministers. Everybody will agree that the Ministers in question have a very busy schedule and have treated this House with the utmost respect in attending debates at every opportunity. I will ask them to accommodate us next week for a debate on this issue, but I cannot guarantee it will be possible.