Interest Rates
Dail Éireann — 2023-05-09
============================================================

Pearse Doherty (SF), Donegal

As the Minister for Finance, Deputy Michael McGrath, knows, since July, the European Central Bank, ECB, has increased its key interest rates seven times, with at least one further increase being expected in the time ahead. These interest rate hikes are putting real pressure on households that have mortgages. It has resulted in a significant shock for hundreds of thousands of borrowers. Last week, we heard the Central Bank say that 20% of all borrowers and mortgage holders have seen a 50% increase in the cost of repaying their mortgage. That is an average of approximately €5,000. Given the difficulties that so many households are facing, will the Minister introduce mortgage interest relief in a targeted and time-bound fashion to provide the much-needed support for these homeowners?

---

Source: Houses of the Oireachtas. Licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). The Official Report is revised after first publication; the fetch timestamp below identifies the version quoted.

Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/dail/2023-05-09/debate/main
Retrieved: 2026-08-14T04:51:51+00:00
Sitting date: 2023-05-09