Dessie Ellis (Dublin North West, Sinn Fein)
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Question 139: To ask the Minister for the Environment, Community and Local Government his plans to ensure the interest rate cut is passed on to local authority mortgage holders. [33688/11]

Willie Penrose (Longford-Westmeath, Labour)
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The interest rate on local authority housing loans is determined by the Housing Finance Agency by reference to mortgage rates prevailing in the financial market. The Board of the Agency decided today, 9 November 2011, to pass on the variable interest rate reduction of 0.25% to local authority mortgage holders. The current variable interest rate to local authority borrowers, excluding mortgage protection, is 3.0%. The current fixed interest rate available on local authority loans, excluding mortgage protection, is 4.4% for a period of 5 years.