Maurice Cummins (Fine Gael) | Oireachtas source

It would not be fair for 2.1 million taxpayers to subsidise 138,000 owner-occupier mortgage holders, especially when the vast majority of them can afford to pay and are paying. The average SVR mortgage in AIB is €128,000 and the changed rate will mean an increase of €24 per month. The average SVR mortgage in the EBS is €102,000 which will mean an increase of €17 per month. AIB's SVR is 4.4%, which is below the market average of 4.45%.

Having said all that, it is not sweet music to the ears of those who will have to pay increased mortgages. We all hoped there would be no mortgage increases at present when people are finding it hard to meet repayments. The Government has taken measures on mortgages, which I hope will benefit the vast majority of those in mortgage arrears. The Government is acting on that matter. When we came into power there were 45,000 people in mortgage arrears, yet the previous Government did sweet damn all about it.