Vol. 399 No. 5
21 Mr. Kavanagh asked the Minister for the Environment if he has any plans to advise the lending agencies involved in the provision of mortgage finance of the need and the scope of a reduction in the mortgage interest rate; and if he will make a statement on the matter.
27 Mr. Howlin asked the Minister for the Environment when he last met the banks and buildings societies to discuss mortgage interest rates; and if he will make a statement on the matter.
I propose to take Questions Nos. 21 and 27 together.
It has not been my practice to meet banks and building societies to discuss mortgage interest rates as I have no statutory function in the matter. In any event the interest rate on mortgage loans is determined by interest rates in the economy generally. In view of the Government's continued sound economic management, I am optimistic that there will be favourable developments in relation to mortgage rates before long.
