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Dáil Éireann Vol. 890 Tuesday, No. 3 29 September 2015 DÍOSPÓIREACHTAÍ PARLAIMINTE PARLIAMENTARY DEBATES DÁIL ÉIREANN TUAIRISC OIFIGIÚIL—Neamhcheartaithe (OFFICIAL REPORT—Unrevised) Ceisteanna - Questions 2 29/09/2015A00200Priority Questions 2 29/09/2015A00250Mortgage Interest Rates 2 29/09/2015C00950NAMA Loan Book 5 29/09/2015E00400Mortgage Interest Rates 8 29/09/2015G00300Budget 2016 ������������������������������������������������������������������������������������������������������������������������������������������������������������10 29/09/2015H00550Budget 2016 ������������������������������������������������������������������������������������������������������������������������������������������������������������12 29/09/2015K01100Other Questions 15 29/09/2015K01200Property Tax Exemptions ���������������������������������������������������������������������������������������������������������������������������������������15 Insurance Compensation Fund ��������������������������������������������������������������������������������������������������������������������������������17 29/09/2015N00850Insurance Compensation Fund 18 29/09/2015P00250Mortgage Interest Rates 21 29/09/2015P01000Topical Issue Matters ����������������������������������������������������������������������������������������������������������������������������������������������23 29/09/2015P01200Leaders’ Questions 23 29/09/2015T00100Ceisteanna - Questions (Resumed) �������������������������������������������������������������������������������������������������������������������������33 29/09/2015T00200UK Referendum on EU Membership 33 29/09/2015Z00400Order of Business 47 29/09/2015BB00700Central Bank (Code of Conduct) Bill 2015: First Stage 53 29/09/2015BB01400Aer Lingus Sale Proceeds Transfer: Referral to Joint Committee 54 29/09/2015BB01700Topical Issue Debate 55 29/09/2015BB01750Industrial Disputes 55 29/09/2015CC00500Bituminous Fuel Ban ����������������������������������������������������������������������������������������������������������������������������������������������57 29/09/2015EE00600Crime Prevention 60 29/09/2015FF00400Climate Action and Low Carbon Development Bill 2015: Report Stage (Resumed) ��������������������������������������������63 29/09/2015QQ00100Social Housing Policy: Motion [Private Members] 81 DÁIL ÉIREANN Dé Máirt, 29 Meán Fómhair 2015 Tuesday, 29 September 2015 Chuaigh an Leas-Cheann Comhairle i gceannas ar 2 pm Paidir. Prayer. 00100Ceisteanna - Questions 29/09/2015A00200Priority Questions 29/09/2015A00250Mortgage Interest Rates 29/09/2015A00300118 Deputy Michael McGrath asked the Minister for Finance his views that reductions in fixed mortgage rates offered by the banks represent an inadequate response to the widespread public concern over high variable rates; that it is important that all domestic banks reduce their core variable rate product offering; his plans to address high mortgage rates by the non-deposit taking retail credit, sub-prime, sector; and if he will make a statement on the matter [33182/15] 29/09/2015A00400Deputy Michael McGrath: The Minister for Finance is very familiar with the topic of high variable interest rates being charged on up to 300,000 mortgage customers The purpose of this question is to put it back on the political agenda. Some progress, albeit modest, has been made on this issue which has been firmly put on the political agenda. I believe the Minister is in the middle of a second round of, or has concluded, meetings with the banks which he promised to hold in September It would be good if he could give the House an update on those talks Is he still considering the two options he outlined earlier this year, namely, increasing the levy on the banks or the introduction of legislation to deal with this issue of excessive interest rates? 29/09/2015B00100Minister for Finance (Deputy Michael Noonan): As the Deputy knows, I have been aware of this issue for some time and have taken steps to ensure the banks provide real options for bor- rowers. To summarise actions taken to date, I requested a report from the Central Bank on the topic, which was published in May I also met with the six main mortgage lenders and outlined my view that the interest rates being charged to Irish customers were too high 2 29 September 2015 I have recently concluded a further series of meetings with these banks and the reality is that the majority have put options in place to allow borrowers to reduce their monthly repay- ments Traditionally borrowers focused on standard variable rates but borrowers should at least consider other options While individual borrowers must decide what suits their particular circumstances, some of the fixed rates being offered are now substantially below what the stan- dard variable rate, SVR, was in May These rates offer substantial savings to borrowers and also offer security as to monthly repayments over a specific period of time. At the end of that term, borrowers can then revert to a standard variable rate if that is what they prefer I would, therefore, encourage borrowers to contact their bank to see what is available to them in their particular circumstances or consider moving to another bank if the offer is not satisfactory I would also point out that lenders have not just reduced fixed rates. One lender significant- ly reduced its SVR, for example, while another has embarked on a new pricing strategy based on property valuation I asked the banks to provide options by which customers might reduce their monthly repayments and I believe options have been put in place While I have not met all mortgage providers operating in Ireland, changes to interest rates by the main lenders should drive competition in the market and exert downward pressure on other lenders to reduce their rates in line with other providers Sub-prime lenders operate in a particular niche and deal with customers who present a different risk profile to other customers, hence their rates will be higher other lenders Competition is the best long-term way of reducing interest rates paid by Irish borrowers and ensuring that Irish banks offer a sustainable product range Higher than warranted mortgage interest rates will encourage new entrants to the Irish market over the long term As the Deputy will be aware, the Government has undertaken a number of initiatives in order to promote com- petition in the market For example, it introduced the changes to section 149 of the Consumer Credit Act 1995 in the Central Bank (Supervision and Enforcement) Act 2013 for new entrants This section regulates fees and charges and the changes mean that it does not apply for the first three years of operation of new entrants to the Irish banking sector as new entrants to the mort- gage market bring welcome competition to this sector 29/09/2015B00200Deputy Michael McGrath: I thank the Minister for his reply Several banks have intro- duced new options, which are always a good thing, but these options are very selective They are of most benefit to new customers in particular. Many existing customers continue to be discriminated against and the options simply are not for everyone The following are the actual standard variable rates still being charged by the banks today: Bank of Ireland, 45%; Permanent TSB, 43%; KBC 45% or 43% if the customer opens a cur- rent account with it; Ulster Bank, 43%; AIB, 365%; ACC, 44%; and Danske Bank, 495% I could go on and get into the vulture funds and the servicing companies now managing loan books that have been sold Greater fixed rate products have been offered but they come at a price, as the Minister well knows Existing customers continue to be charged much higher rates than new customers The Minister has concluded his second round of meetings with the banks. Is he satisfied that they have done enough? Have the banks satisfied the Minister, because I am not satisfied? Is the threat of a levy and-or legislation now off the table? Has the Minister concluded his assessment or is it still an open book on his file? 3 Dáil Éireann 29/09/2015B00300Deputy Michael Noonan: I thank the Deputy for his supplementary question. He will re- call that the Central Bank report published last May, to which I referred, stated that there was an excessive margin being charged in Ireland on variable interest rates but it disagreed that the margin was as big as has been cited in debates here on several occasions The banks have moved to lower that particular margin AIB has had made three reductions and it is the biggest mortgage provider in the country It is down to 365% and it does not vary between new mort-
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