Dessie Ellis (Dublin North West, Sinn Fein)
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Question 191: To ask the Minister for the Environment, Community and Local Government further to Parliamentary Questions Nos. 139 of 9 November 2011 and 221 of 15 December 2011, if his attention has been drawn to the fact that Dublin City Council local authority mortgage holders have received no communication from the council on the interest rate cuts and that some mortgage holders are reporting that their monthly payments have not decreased; if he will ensure that these and future cuts are passed on immediately, uniformly and in a transparent manner; and if he will make a statement on the matter. [1835/12]

Jan O'Sullivan (Limerick City, Labour)
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As outlined in the reply to Question 221 of 15 December 2011, the Board of the Housing Finance Agency decided at its meeting on 9 December 2011 to pass on in full the rate cut of 0.25%, announced the previous day by the European Central Bank, to those local authority borrowers with variable interest rate mortgages. As a result of this latest decrease local authority borrowers will enjoy a differential of well over 1.5% below the average variable rate in the wider mortgage market. The new rate will take effect from 1 February 2012. The November rate cut announced by the ECB on 3 November 2011, has already been passed on to local authority variable mortgage holders. In responding to future movements in ECB rates, the Agency will give careful consideration, on each occasion, to the fluctuating relationship between its lending rates and the cost of funds.