Michael D'Arcy (Fine Gael) | Oireachtas source

I support Senator Ó Clochartaigh's call for a debate, but I propose a debate on a motion of confidence in the Minister. We should have that debate next week. There is significant talk on the issue and such a motion is the right thing to do. I have a lot of confidence in the Minister and believe that if he is given the opportunity, he will turn the health sector around. However, there seems to be an unending plethora of stories, some of which have little grounds whatsoever.

We should also debate the issue of AIB and the increase of 0.5% in the variable rate on the mortgage book. What is happening is scandalous. AIB is trying to make its profit on the back of people, most of whom did not participate in the Celtic tiger boom. To put this in context, a mortgage of ¤300,000 will cost an extra ¤90 per month or over ¤1,000 per year. The moneys that AIB will take in over the year will amount to approximately ¤75 million extra as a result of that 0.5% increase. That amounts to half the household charge. Many Senators, mostly on this side of the House, have gone nuts over that charge, but very few are saying anything about this increase. This is AIB robbing its customers of substantial moneys. We should ask the Minister for Finance to come here to explain this, and I speak as Fine Gael spokesperson on finance in this regard. This increase is scandalous.

We have long known that the two public interest directors of AIB appointed by the Minister and previous Ministers have been asleep at the wheel. Another AIB director has been appointed, a former CEO of KBC Bank, who I am told is a mortgage expert. It is no coincidence that a few weeks after we have a mortgage expert going on the board of AIB, these rates are increased. This is disgraceful and I call on the Minister for Finance to come to the House to discuss the issue.