People woke up this morning to worrying news about a dramatic increase in the cost of mortgages. As we know, thousands of people are under enormous stress with their mortgages, with 180,000 mortgage loans in arrears. We now have further increases in variable interest rates. Will the Taoiseach outline the time schedule for commencing the Personal Insolvency Act, to give some help and support to people in mortgage arrears? Given that the Government has essentially eliminated the mortgage supplement scheme, the level of support available from the Department of Social Protection and Government is limited. This restricts the capacity of the State to help people who will be placed in difficulty as a result of this significant increase in the cost of mortgages. Are amendments to the Finance Bill proposed to bring about some alleviation for people who are in mortgage distress and may have to pay an additional €1,000 per annum?

While we cannot debate current issues on the Order of Business, the Taoiseach may comment on amendments to the Finance Bill.

I also asked about the commencement of the Personal Insolvency Act.

The director of the personal insolvency service is recruiting staff. It is expected that the personal insolvency agency will be operational in the next couple of months, probably before the early summer. I will revert to the Deputy with a more accurate read as to when the legislation will commence.

Will the Taoiseach let me know what parts of the Act have been commenced to date and the plans in respect of commencement?

As I stated, the director has been appointed and the service is recruiting staff. In respect of the commentary I have seen about mortgage increases, as I indicated to the Deputy previously, we wrote to the Financial Regulator at the Central Bank asking if it wishes to have more authority and powers to deal with banks. If the Government receives such a request, it will be considered.

In respect of claims that the banks will increase interest rates for mortgage holders and consumers, it would be in the interest of the banks to focus on their cost base rather than on consumers. While the Government does not interfere directly in the banks or direct that interest rates be set at a certain level, it is in everyone's interests that banks are able to return to profitable business. However, they should, in the first instance, address their cost base. I have extended the powers of the Cabinet sub-committee to deal with mortgages and banks and I hope we will have new targets for them after the next meeting.