Martin Ferris (Kerry North, Sinn Fein)
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Question 209: To ask the Minister for Finance if he will make a statement on the practice of mortgage providers failing to pass on interest cuts to customers who are on variable mortgage rates when they had previously increased payments after ECB rate increases. [39256/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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As the Deputy will be aware, in welcoming the European Central Bank's announcement on 6 November 2008 of a 0.5% reduction in its key interest rates, I highlighted that I would expect financial institutions to pass on these reductions to their customers including in particular to those purchasing properties on variable mortgages but also to small and medium-sized enterprises. This will help support sustainable growth and employment along with the maintenance of price stability in line with the ECB's objectives.