First of all, I wish to record the shock felt across the world at the natural disaster and devastation we have witnessed in Türkiye and Syria. We extend our solidarity to all those hurt and injured and urge the global community to rally to the support of these devastated communities.

Last Thursday the European Central Bank increased interest rates for the fifth time since July of last year. For the almost 200,000 households with a tracker mortgage this will result in an immediate and significant impact. The high-street banks, namely, Bank of Ireland and AIB, are starting to increase their rates. Vulture funds are increasing rates aggressively, which is leaving some paying interest rates of 7.5%. The net result of this is that tens of thousands of workers and families are paying hundreds of euro extra per month compared with this time last year. For those with even modest mortgages this can equate to thousands of euro extra per year.

This is on top of a cost-of-living crisis that, mortgages aside, is putting real pressure on household finances. The cost of heating is up, the cost of filling the car is up and the cost of everyday shopping is up. The list goes on. For those whose mortgage bills are skyrocketing this is causing massive stress and anxiety. Is cúis mhór struis d’oibrithe agus do theaghlaigh é seo agus caithfimid rud éigin a dhéanamh anois. One person I spoke to this morning told me their annual mortgage payment has now increased by more than €3,000, and that is before the increase due next month.

It is now time to introduce timely, targeted and temporary mortgage interest relief to support workers and families who are put to the pin of their collar. This evening we in Sinn Féin will bring a motion to the Dáil that provides a meaningful solution for households that have had to contend with five interest rate hikes in less than a year. Our proposal to reintroduce mortgage interest relief will be in place for 12 months to absorb a portion of borrowers’ increased interest costs. This relief would amount to 30% of the increased interest costs compared with June of last year, with a maximum benefit of €1,500.

As with every measure to combat the cost-of-living crisis we appreciate the State cannot cover the entire cost but it can, and should, lend a helping hand. It should do this now; this is what is needed. The Government ruled out this approach out when my colleague, an Teachta Doherty, put the proposal to it in December. Since then the situation has worsened, and worsened considerably. We now see tens of thousands of workers and families needing support. Will the Taoiseach support our proposal, and will mortgage interest relief be reintroduced without delay?

At the outset I join Deputy McDonald in expressing my sorrow to the people of Türkiye and Syria who have experienced a terrible earthquake, and to express my solidarity with Ireland's Turkish and Syrian communities, some of whom have been directly affected by that. Some are mourning family members and others are worried about family members and friends. As part of an initial response, the Tánaiste, Deputy Micheál Martin, has allocated €2 million in emergency assistance to the Red Cross and the UN to help with the effort. We will be in touch with the authorities in Türkiye and in Syria to offer more help if we can. Tharla crith talún millteanach sa tSiria agus sa Tuirc. Fuair deich míle duine bás agus tá go leor daoine gortaithe freisin. Ar son an Rialtais agus ar son mhuintir na hÉireann, tá brón an domhain orainn. Cabhróidh an Rialtas. Beidh €2 milliún ar fáil mar thacaíocht chun cabhair a thabhairt do mhuintir na Tuirce agus muintir na Siria.

Regarding the Deputy's question, and I want to thank her for raising this important issue, as the House will appreciate the formulation and implementation of monetary policy is an independent matter for the Central Bank. The European Central Bank acts independently of the governments of Europe and governments do not set interest rates. The rises in interest rates are most unwelcome for anyone who is borrowing, particularly home owners and those with tracker mortgages. There are roughly 200,000 people who now, almost every other month, receive a letter in the post telling them that their monthly repayments are going up, and up, and up. While interest rates had been relatively low by historical standards, they have risen a lot in the last year or so and that is something I think all of us will have experienced from our constituency work.

The European Central Bank's governing council has indicated that interest rates will have to rise at a steady pace to reach levels that are sufficient to ensure a return to inflation of around 2%. It is important to acknowledge that the reason the European Central Bank is increasing interest rates is to bring inflation down and to restore price stability and that is something that will benefit everyone. I hope we are approaching the peak of the current interest rate cycle but there is no guarantee that is the case. It is something we will discuss at the European Council tomorrow when I am in Brussels. I do not know if the Governor of the Central Bank is able to attend this meeting but it is certainly something we will discuss at Head of Government and Head of State level because I know it is a matter of concern across the Continent.

The Government is currently reviewing what more we can do to alleviate the rising cost of living of which higher interest rates are part. We will be able to make an announcement around the middle of the month as to what else we can do to help with the cost of living as we go into the spring. The changed interest rate environment will not have a uniform impact on all borrowers and depending on particular situations, such as individual contracts, some borrowers will experience higher increases than others. Thankfully the average Irish interest rate on new mortgages is now below the eurozone average. Even though it had been higher than the eurozone average, we now have the third lowest mortgage rates in the eurozone. In fact, a significant portion of new mortgages, more than 90% of new mortgages, are now fixed rate mortgages and this will go some way to protect borrowers but I know that is of no solace at all to people who hold tracker mortgages.

Mortgage interest relief was phased out between 2009 and 2020 and at its peak the relief cost more than €700 million per year. It is not something we are currently considering but it is not something we would rule out for the future. It is the kind of thing we would do normally in the context of a budget when we have to weigh up many other choices and options to help people. We cannot do them all; we can only ever do a small number. Certainly if Sinn Féin has a proposal and wants to produce a paper on it, we would be happy to consider that, to cost it, to work out the various practicalities and to issue a more formal response.

I thank the Taoiseach. As he said, there are 186,000 borrowers on tracker mortgages, 129,000 on standard variable rates and more than 113,000 with non-banks and vulture funds. Some borrowers are being affected very dramatically and very immediately with these five hikes so far and with more to come. I do not believe the Government should hesitate on this matter.

The reality, as we know, is that families and workers were struggling anyhow with a cost-of-living crisis. For lots of families, this has now, as they say, put the tin hat on things for them. We need to see Government intervention. I appeal to the Taoiseach not only to support our proposal and our motion this evening, but also to include targeted, time-bound mortgage interest relief as the package of measures that needs to be introduced now.

I thank the Deputy.

Do not imagine for a second that we or the families who are struggling can wait for the next budget. That is completely unreal.

As I said earlier, these interest rate increases are most unwelcome, particularly for people who have tracker mortgages or are seeing their variable mortgage rates go up and go up dramatically. It would be wrong of me not to acknowledge that the European Central Bank, ECB, is raising interest rates to bring inflation down and to restore price stability. This is why it is being done. Unfortunately, the impact on people who have tracker mortgages is very severe. We are happy to consider any proposals that the Sinn Féin party wants to make. We are happy to examine them and to cost them. We would need to know the cost and that is significant. This does matter, particularly out of the context of the budget cycle. Second, we would have to examine it from a holistic point of view as well. Mortgage rates in Ireland have been at historically-low levels now for a number of years. In some cases, people who were paying very low rates on tracker mortgages are now paying rates that other people have actually been paying for quite some time. We would have to take this into account in any benefit or concession we might give to people.