Austin Deasy
Ceist:8 Mr. Deasy asked the Minister for Finance if he intends to assist mortgage holders in the event of the building societies raising interest rates.
Ceisteanna— Questions. Oral Answers. - Mortgage Rates.
The Government was very much aware of the situation of mortgage holders and other borrowers in deciding to devalue the Irish pound within the European Exchange Rate Mechanism. Since then wholesale interest rates have fallen sharply. As a result the threat of further increases in the general level of mortgage rates has receded. It is hoped that wholesale rates both at home and elsewhere in Europe will ease further as the year progresses and that this will facilitate lower mortgage rates.
In the light of the rise in mortgage rates and the severe problems for so many householders arising therefrom, going back to last September-October, is it the intention of the Minister to honour his party's commitment, and his colleagues' party's commitment, to the electorate that mortgage interest relief would be reviewed as a way of trying to compensate householders for the interest rise?
I am afraid the Deputy will have to wait for just under two weeks to find that out.
Provided we are prepared to wait, will whatever relief the Minister is contemplating be made retrospective to the date in October that he suggested at the time?
Nice try, Deputy.