asked the Minister for the Environment whether it is his intention to intervene with the building societies to seek their agreement to a lowering of their interest rates.

As the Deputy is aware, building societies reduced their investment rate from 10.75 per cent to 9 per cent in recent months, the most recent reduction taking effect from 1 October 1980. Since then, I have had two meetings with representatives of the Irish Building Societies Association at which I stressed to them the Government's hope that they would effect a further reduction in line with the recent reductions by the associated banks and so enable a reduction in the mortgage interest rate. Regrettably, their response so far has been negative.