Róisín Shortall (Dublin North West, Labour)
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Question 112: To ask the Minister for Finance the estimated cost in tax expenditures on mortgage interest relief of a quarter percentage point rise in interest rates. [31853/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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As the Deputy will be aware, the determination of interest rate policy is solely a matter for the Governing Council of the European Central Bank, which is independent in these matters. Accordingly, I do not believe it would be appropriate for me to speculate on ECB interest rate movements in 2009 or their impact on the cost of mortgage interest relief for next year. I am informed by the Revenue Commissioners that the cost of mortgage interest relief in 2008 is expected to be approximately €665 million.