Fintan Warfield (Sinn Fein) | Oireachtas source

I move recommendation No. 10:

In page 66, between lines 8 and 9, to insert the following:

“Report on mortgage interest relief

25.The Minister shall, within one month of the passing of this Act, prepare and lay before Dáil Éireann a report on the introduction of targeted, tailored and time-bound mortgage interest relief in respect of primary dwelling homes, considering options for its design, in the context of sudden and significant increases in interest payable on mortgage loans.”.

On 14 September the European Central Bank increased its interest rate by 0.75% bringing up to 2%. That was the third hike since July and further increases will happen. That has an immediate impact on households with tracker mortgages and could impact those with variable rate mortgages in coming months, thereby heaping further financial pressure on struggling households. What we are calling for here is that within one month of the passing of the Act, the Minister would prepare and lay before the Dáil a report on the introduction of targeted, tailored and time-bound mortgage interest relief in respect of primary dwelling homes, considering options for its design in the context of sudden and significant increases and interest payable on mortgage loans.