As the Taoiseach knows, the ECB has hiked mortgage interest rates by a record margin. It does so at a time when Central Statistics Office, CSO, data released today show house prices soaring above Celtic tiger levels. There are increases of 10.4% in Dublin and of more than 15% outside the capital. I would like to know what action the Government is going to take in response. In terms of the interest rate hikes, annual mortgage payments will now rise by hundreds of euro and this will prove to be the final straw for many households. We must remember that the banks were bailed out by the people when they verged on collapse. They have now returned to profitability. I put it to the Taoiseach that it is the banks that should absorb this hike and not pass it on to customers. Has the Taoiseach spoken to the Minister for Finance on this matter? Will he impress upon him the need to call in the top brass from the banks and tell them they need to protect the customer?

First of all, as the Deputy has said, the European Central Bank is independent and, because of inflation, it is taking its measures and making decisions independently to get inflation down. I know from the CSO figures released today that the number of first-time buyers is up this year as against last year. There has been quite an interesting increase in first-time buyers, and that is because of the help to buy scheme and the first-time owner's scheme the Minister has brought in. We have good measures to help young people around affordability. For those with existing mortgages, ideally the banks should be in a position to absorb these increases and we will monitor the situation. The Minister for Finance keeps in regular contact with the banks on a range of issues, but suffice it to say this will obviously create pressure for homeowners in terms of an increase in rates. As I said, in the forthcoming budget we are doing a broad range of measures to try to help people come through this current crisis.