Permanent TSB recently announced that it is to raise its standard variable rate for mortgage holders. As the Tánaiste is aware, this bank is 100% State owned. It is introducing an additional charge so that the variable rate will move up to 4.5% from 9 June. No. 89 on the Order Paper is the Interest Rate Approval Bill, a Bill I drafted on behalf of Sinn Féin. This would require any bailed-out bank to seek approval of the Financial Regulator before changing a variable interest rate. Given that this will place a major burden on Permanent TSB mortgage holders, will the Government revisit the issue and look at the commitment the Taoiseach previously gave to give these powers to the Central Bank? On average it will cost a family approximately €480 for a €300,000 mortgage, which is a major imposition given that 17,000 mortgage holders with this bank are in arrears of 90 days or more. The Government has clearly stated it will do nothing about carbon tax, but hopefully it will stand in when a State-owned bank is again fleecing approximately 70,000 customers by hiking up its rate.

Sorry, Deputy, this is-----

Will the Government support the moving of the Interest Rate Approval Bill? Will the Government introduce a similar Bill or allow this Bill to pass?

There is a procedure for dealing with Private Members' Bills. We cannot have this on the Order of Business. It is a Private Members' Bill; is that correct?

The Taoiseach publicly gave a commitment regarding banks increasing variable interest rates. He said he would consider introducing legislation to prevent this happening.

Is there promised legislation?

There is the Central Bank consolidation Bill. Deputy Doherty is talking about a Private Members' Bill and he knows very well the procedure for advancing-----

I am asking if the Government will consider-----

-----a Private Members' Bill.

We are dealing with promised legislation here.