The Government chose to fill this week's Dáil schedule telling the country how wonderful it believes it is. This sets a new world record in backslapping.

Better than backstabbing.

It shows how out of touch the Government has become. There was little or no mention of how it would specifically tackle the plight of householders with variable mortgage interest rates other than by meeting the banks. The 300,000 families paying these penal variable rates pay on average 2% more than other EU customers, or €6,000 per annum. Over the lifetime of a mortgage, that is almost enough to pay for a house.

When we raised this matter in Private Members' time a month ago, the Government expressed concern and stated that it would speak with the banks. The Minister for Finance, Deputy Noonan, met the Governor of the Central Bank and expressed his concern. Last Tuesday, he stated that he would meet the banks' CEOs to express his concern. However, the horse has already bolted. At yesterday's Oireachtas finance committee meeting, Bank of Ireland and Ulster Bank confirmed that there would be no rate cut, as their variable rates were not overpriced as far as they were concerned.

Does the Minister for Communications, Energy and Natural Resources agree with the CEOs that their variable mortgage rates are not overpriced? Does he believe it acceptable that the banks are refusing to reduce their rates? Now that Plan A - expressing concern - has failed, has the Government a Plan B? Fianna Fáil will not let this matter go. We will pursue it until we force the Government to act. The majority of the 300,000 families involved are paying penal rates to banks that are fully owned by the Irish taxpayer and controlled by the Government. Other than expressing concern, is it going to do anything substantial to solve this problem?

Nothing.

The statement of Government priorities from 2014 to 2016 recognised that promoting and encouraging competition and new entrants in the banking sector were required to put downward pressure on interest rates for variable rate mortgage customers, both new and existing.

Change the script.

The mortgage interest rates that independent financial institutions operating in Ireland charge to customers are determined as a result of a commercial decision by the institutions concerned. The Minister for Finance and the Central Bank have no statutory role, as the Deputy is aware, in respect of the mortgage interest rates charged.

Send that script by e-mail.

While the ECB base rate is a factor in determining those rates, a broad range of other factors, including deposit rates, market funding costs, the competitive environment and the institutions' overall funding, are key determinants. The improvements in the overall economy, reduction in the cost of funds, increased demand and greater competition between lenders has led to a reduction in the standard variable rate, SVR, offered by the majority of banks for new customers or, in the case of AIB, all SVR customers.

Claptrap.

As part of the Central Bank's work on mortgage arrears, lenders were asked to consider all avenues to help customers in arrears, including interest rate reductions. The regulation of interest rates remains a policy area under active review.

"Active review"?

This has been the subject of correspondence between the Department of Finance and the Central Bank. The Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 will ensure that all mortgage holders will have the protection of the code of conduct on mortgage arrears and access to the Office of the Financial Services Ombudsman. The actions already taken by the Government to promote competition in the banking sector, including the establishment of the Strategic Banking Corporation of Ireland, the credit guarantee scheme and the amendments to section 149 of the Consumer Credit Act to encourage new entrants into the financial sector, are important.

At a recent meeting between the Minister for Finance and the Governor of the Central Bank, the issue of mortgage interest rates was discussed. The Governor provided an update on the ongoing work that he and his officials were carrying out on the issue of the SVRs charged by lenders. The Governor and the Minister noted that the SVRs charged in Ireland were higher than in other euro area countries and had not fallen in line with ECB wholesale rates. The Central Bank will continue researching why this is the case and will publish its results shortly. The Governor will update the Minister on progress in due course.

In terms of the next step, the Central Bank will present the results of its research to the Minister in the coming weeks. He has given a commitment that he will initiate discussions with the six main lenders in Irish banking on the issue and looks forward to hearing their plans for reducing interest rates.

Unfortunately, the Minister's response did not address the issue. The banks have already indicated that they will not take the concerns of the Minister for Finance. I am disappointed in the Minister present because I believed that I would get a good and intelligent answer from him, but most of what he read-----

Toe the line. Read a script.

-----could have been read to us last November. I am afraid to say that he sounded like a ventriloquist's dummy. I do not think he even believed the script himself.

No.

He came to the Chamber with a script, most of which was written last November, and parroted it.

A joke.

It seems that the banks are only interested in their own profits. By their actions, including those that they confirmed this week, they are adding to the social housing waiting list.

A bankers' charter.

They have admitted that they intend to chase people they have made homeless for the outstanding debts and negative equity. Did the Minister hear that? They will chase the homeless for the outstanding debts and negative equity.

Oliver Cromwell is back.

That was stated in Leinster House yesterday. They will not even leave the homeless alone.

Is it the case that the Government is powerless over the banks - it gave them a veto - or is it choosing to do nothing other than to meet them, examine the facts and express concern? None of that will reduce the rates. We assure the Government that it will answer in this Chamber every week from this week on until we see a reduction in rates. We will not let this go.

Hear, hear.

Fianna Fáil did not do much about the issue when it had responsibility for this.

The Deputy is well aware, and has not questioned what I stated, that there is no statutory power to direct a reduction in interest rates. If I am wrong in that, maybe the Deputy might correct me.

Smoke and mirrors.

Or if he is proposing-----

The Minister has asked me to correct something.

He started off-----

I thought that might upset him.

The Minister directed a question to me. On a point of order, the Minister-----

On a point of order, this is Leaders' Questions.

Yes, but if you give me an opportunity-----

The Minister has directed a question to me. He has signalled the right of the Government to answer.

The Deputy should sit down and take his seat.

Deputy-----

It is not a great audition.

The Minister has asked me a direct question. When the Minister asks direct questions, he-----

The Deputy has got his wings.

Deputy McGuinness is way better.

The Chair is on his feet.

Deputy Sean Fleming should sit down.

The Minister is replying to the questions.

Yes. The Deputy will get answers now.

The Minister asked me a direct question.

Try to show some bit of respect.

The Minister asked a direct question and I outlined what legislative powers the Minister for Finance had.

We know that the Deputy has no respect for-----

The Minister asked a direct question.

For heaven's sake.

The Minister asked a direct question. He is entitled to an answer.

Deputy Sean Fleming is a show. Deputy McGuinness was right. This carry-on is a disgrace to all of Fianna Fáil.

I will give him that answer.

If the Minister will withdraw his question to me, I will sit down.

Deputy, please.

Will he withdraw the question to me or does he want-----

Deputy McGuinness was right. Fianna Fáil is a show.

I will deal with this. Will the Deputy resume his seat?

If the Minister withdraws his question.

For God's sake.

If the Deputy does not resume his seat, I will suspend the House.

I will not have questions put to me in this Chamber without an opportunity to answer them.

The Deputy will not be able to spin.

The Minister asked the question. Does he want the answer?

It is like "Reeling in the Years" for Fianna Fáil. The face of the future.

I cannot put that to the Minister if the Deputy keeps talking.

Put it to him, or I will rise again if he does not-----

Is the Minister happy to reply without asking questions?

Absolutely.

The Minister has no answer. That is why.

The Minister, please.

Will he-----

Let me rephrase what I said-----

We never get an answer.

-----to assist the Deputy.

Does Deputy Mattie McGrath want to return to Fianna Fáil?

Will the Minister withdraw the question?

Deputy McGuinness would not have Deputy Mattie McGrath back if he were leader.

He has a script.

The Minister has the floor.

Where was Deputy Sean Fleming on the day of the bailout? Where was he for the bank guarantee?

Will the Minister withdraw the question? This will not run any more. Will he withdraw the question?

The Minister will answer the question if the Deputy resumes his seat.

No. He asked a question.

The Minister cannot answer.

I will answer his question.

There will be a telephone call from Cork in a moment.

Will he withdraw it?

Resume your seat. The Minister will reply.

Forget Joan Burton. Look at Alex.

Will he withdraw the question?

Will the Deputy please resume----

Will he withdraw the question or else let me answer it?

Deputy Fleming, please resume your seat. If you not do so, I will have to suspend the House. What you are doing is not fair to other Members.

Does Deputy Fleming want the Minister to reply?

I am suspending business for five minutes.

Before I call the Minister for Communications, Energy and Natural Resources, Deputy Alex White, I advise the House that if any Member has an issue or complaint relating to Standing Orders, the appropriate forum in which to raise it is the Committee on Procedure and Privileges, CPP. As Chair this morning, I am overseeing the procedures for Leaders' Questions. Any Member may go to the CPP with an issue relating to the ordering of business in the House, but he or she cannot stipulate how Leaders' Questions operate in this Chamber. I call on the Minister to reply to the question from Deputy Sean Fleming.

To assist in ensuring order in the House, I will not ask the Deputy any more questions. I can understand his aversion to being asked questions, whether it is about this issue, his party's economic policy or anything else. I will not ask him any more questions because I know he finds it difficult to address those issues.

I will answer any questions the Minister has.

What I have said in response to the Deputy is true. He started off in an attempt to mollify me by accusing me of being intelligent. All I am saying is that he knows the Government has no statutory power to intervene in the way he seems to be suggesting. If he is proposing a change in the law, let us hear what he has to say. I realise there is a competitive tension between the two parties opposite in their attempts to achieve notice in the House.

Order, please.

I am anxious to clarify the matter. The Minister for Finance, Deputy Michael Noonan, said yesterday:

I am calling in the senior management of the six major lenders in the market in Ireland, and I will present them with the evidence from the Central Bank, and I will say to them I think they should reduce their interest rates and that we want to discuss it, and I will want them to explain why they cannot, but we would prefer it if they did. If you call that pressure, that is pressure, but I would see that as a discussion [with the banks] in the normal way. But I do not have legal authority to direct [the banks].

That is the position. If anybody in this House is able to tell me or the Minister it is wrong, I am all ears.