Paschal Mooney (Fianna Fail) | Oireachtas source

In both this House and the Dáil, Fianna Fáil has consistently raised the plight of mortgage holders in distress. Despite its public statements, the Government has regularly refused to accept proposals and initiatives put forward by my party to try and alleviate the distressed mortgage holders. Yesterday at an Oireachtas committee meeting, the head of AIB indicated it was almost certain that the bank was going to reduce the variable rate in the coming months. What I find extraordinary is that a leading newspaper, theIrish Independent - a little like The Sunheadline at the time of the Falklands war, "It's The Sunwot won it", is actually claiming credit for having pressurised the Government, the Central Bank and the banking institutions.

Despite the pleadings of our party, the Government sat on its hands on this issue. Although the State had a 99% share and was effectively the owner - on behalf of the people of Ireland - of AIB, the Government washed its hands of it and cried crocodile tears over it as though it could not do anything. Now, outside of the democratic environment and the elected Government of the country, a national newspaper is claiming credit for having moved AIB. This is very dangerous for democracy. Considering the Government was given every opportunity to come out on this, there is a very serious disconnect between it and the people. That has been shown by this issue which, along with child care, is one of the two major issues affecting people. I want to put on record that it is past time for the Government to start looking at the real issues affecting people, specifically in the area of mortgage relief. Why, when we have a 99% share of AIB, does the Government say we cannot really do much to influence the bank's decisions? I have asked this before. Who within AIB, following yesterday's meeting, eventually decided to move towards reducing variable mortgage rates and what are the reasons for the decision?