I am, of course, very aware of the difficulties the increase in interest rates in recent years has caused to many mortgage borrowers. From a regulatory perspective, the Central Bank has put in place a range of measures to protect consumers who have or who are taking out a mortgage. The consumer protection framework, which applies in the same way to all regulated mortgage entities such as banks, retail credit firms and credit servicing firms, seeks to ensure that lenders are transparent and fair in all their dealing…

I have three points in response to that, the first of which is that the best prospect we have to see all mortgage holders pay lower interest on their loans in the time ahead is to see a change in general interest rates within our economy. I welcome the decisions that have been made in recent months by the European Central Bank, ECB, in that regard. Second, I emphasised at all times during this very difficult period for those who had their mortgages sold on that their rights from a legal point of view would not be a…

Third, what we have seen is some switching take place and I, of course, want to look at how we can see further switching take place from the non-bank back to the bank sector.

I always acknowledge, and will do so again, that it was difficult and there were moments of high anxiety for those who saw the ownership of their loans or the mortgage on their homes or properties switching. I know that the impact on those affected has been difficult. For many, it has resulted in their mortgage payments and their interest rates being high. At the same time, I must be honest in emphasising what I can and cannot do. What I can do is look at the changes that have been made in the consumer protection f…

The Ireland Strategic Investment Fund is a €15 billion fund comprising the discretionary portfolio of €8.4 billion and the directed portfolio of €6.2 billion. It has a double bottom line mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. According to the most recent NTMA annual report, from inception to the end of 2023, ISIF generated an annualised investment return of 3.1%, or more than €2.3 billion, in investment returns across its portfolio, affec…

I thank the Deputy for recognising the work the NTMA has done in this and other areas and particularly the work ISIF has done. The Deputy is familiar with that. I have outlined the divestment that has taken place and it is important for me to emphasise to Deputy Connolly that the operational independence of ISIF is very important to this space. It manages €15 billion of our money, which is invested in jobs in Ireland and contributes to the economic growth and development of our country at a time when we will need n…

I thank the Deputy for raising this. While I make the case that the share of the overall portfolio of ISIF's investments is a small one, millions of euro is a lot of money for the Deputy and me. I accept that point. The Deputy raises very important foreign policy and human rights issues. My Department engages with ISIF and the NTMA on these and other matters. The concerns and issues the Deputy has raised are very well understood. The Deputy referred to issues of policy. I must emphasise again that, given the scale …

My officials and I regularly engage with the Central Bank. However, I have not had any engagement recently with the Central Bank on the specific issue the Deputy has raised, which is the issue of tax-based support for housing. The issue in the Irish housing market and so many of the social and economic difficulties that it is now causing are caused by a shortfall in supply. For more than a decade, the level of homes we have been building has not been in line with the needs of our society and the change in our demog…

I will be meeting our banks to engage with them on the greater role they can play in regard to housing because we all know how much more we need to do. However, I have to recognise two different points. First, the banks are independent of the Government. Second, they are independently regulated. I will be engaging with them to see what further measures we can put in place that lead to more lending and more homes being built. However, I fully respect the independence of the Central Bank, as does the entire Governmen…

I absolutely support all of the excellent work that the Minister for housing is doing in looking at what further measures can be put in place to lead to more homes being built. Regarding the Deputy's question, I support looking at ideas that will make more loans and more support available in our economy to lead to more homes being built. However, the Minister for housing and I do not want to see anything happen that leads back to the return of levels of lending and commercial practices that only create further diff…

I have answered the Deputy's question.

I thank the Deputy for raising the significant announcements that were made during the night. The Government is initiating a number of steps, but the Deputy will understand that I need to be honest and clear in setting expectations of what we can do. This is a deeply serious issue. Unfortunately, it is a significant moment in how global trade is conducted and what that can mean for jobs, income and prices all over the world, most particularly the country that the Deputy and I are trying to play a role in guiding th…

It is vital that we keep the Dáil informed of this and that all TDs be aware of what is taking place. I am aware that employers and workers in Cork will be feeling particularly worried today. It is something that affects everybody but I am conscious that large life science and medicine producers are located in Cork, many of which have been there for decades. Some very important food and drink manufacturers, farmers and suppliers that are located in Cork are also worried about what this will mean for their food, agr…

May he rest in peace. Many members of the GAA family in Kildare will be feeling particularly sad today. I thank the Deputy for mentioning that. Regarding the Deputy's constituency, employers like Intel have made a magnificent contribution to the employment and growth of our economy, but they also make an important contribution to the European economy through the work they do in semiconductors and a high level of technologically advanced manufacturing. We will of course engage with companies like those because they …

I propose to take Questions Nos. 7, 60 and 197 together. Regarding the number and value of bonds sold in Ireland, the Central Bank of Ireland does not regulate the bonds as products and does not collect specific data on the number of bonds sold. The regulatory function of the Central Bank is limited to ensuring that the disclosure document for the offer contains all the necessary information required by the EU prospectus regulation. The bonds themselves are not listed for sale on the Irish Stock Exchange. The legis…

I absolutely refute the allegations and language used by the Deputies. This Government could not be clearer in our condemnation of the behaviour and loss of life that is taking place in Gaza and the untold suffering those people have endured. We have made that case very prominently within the EU and at a global level. As Minister for Finance, I am obliged to tell the truth about the work that the Central Bank of Ireland does and the legal framework within which it must operate. It must operate in that legal framewo…

Let me return in a moment to deal with the substantive issue raised by Deputy O’Callaghan but before I do so, I will reply to Deputy Murphy. At a time when we seek to look at how politics can unite people and bring people together, I am reminded again and again that for somebody who claims to be on the left and someone who claims to be part of a movement that is about tolerance and inclusivity, there are few figures who serve that agenda less than the Deputy. His language is consistently poisonous.

His language consistently looks to demonise those who are acting in good faith. He, in turn, in his own way is a contributor to the decay of standards and how we can engage with each other and debate issues in a way that is respectful. Every time he contributes on such a matter, he does it in a way that seeks to demonise an opponent or deny good faith.

That is the Deputy's contribution. I am responding back to charges he laid against me that I am compelled to respond back to.

On the substantive issue that is being raised here today, I reiterate the clear view of the Government on what has happened in Gaza and the Middle East. However, there are a particular number of responsibilities that the Central Bank is obliged to discharge that are rooted not just in national and EU law and it discharges those responsibilities. The Governor of the Central Bank has outlined that the other extremely important issues that are being raised here are not ones that in his view allow him to effect the dis…