Táthar ag dréim go n-ardóidh An Banc Ceannais Eorpach rátaí úis don ochtú uair ó a bhí mí Iúil ann. Méadóidh sé seo costais mhorgáiste do na céadta mílte de theaghlaigh arís. Tá sé in am faoiseamh úis morgáiste a thabhairt isteach le tacú leis na teaghlaigh seo.

Today, the European Central Bank, ECB, is expected to increase interest rates for the eighth time since July of last year. For workers and families who must deal with the rising costs of food and spiralling energy bills, this is another massive blow to their incomes. In April, the Central Bank estimated that for one in five mortgage holders in this State, the cost of servicing a mortgage has risen by more than €4,800. It stated that more than half of mortgage holders have seen their annual costs rise by more than €1,200. Those estimates were made before the ECB's rate increase in May and the further hike expected later today.

Some 250,000 households are on tracker rates and have had to bear the full brunt of these interest rate hikes. Those on variable rates have also been affected. The mortgages of 85,000 households were sold to vulture funds without their consent. They will remember the words and promises of the Taoiseach and the Minister for Finance, Deputy Michael McGrath, who told them that they would be no worse off if their mortgages were sold by the banks. I said at the time that was nonsense and that the vulture funds would not hesitate to hike interest rates more aggressively than the retail banks. Unfortunately, that is exactly what has come to pass. Vulture funds are now charging interest rates well in excess of those being charged by the banks. Many people are now being charged interest rates of over 8%. The scale of these interest hikes is crippling many families.

A single parent contacted my party leader recently. Her monthly mortgage repayments have risen by €700 per month. That is an increase of €8,400 per year. She fears losing her home or going into arrears. She says she sees no future here for herself or her child. A taxi driver also contacted us. His mortgage was sold to a vulture fund and he has seen his monthly mortgage repayments rise by €400, an increase of almost €5,000 per year. That is before today's increase. He said that with more to come, he cannot see how he will sustain things. With his wife unable to work and a child with special needs, he says they are living day to day and week to week.

These stories are just a snapshot of what is happening in wider society. Many people and families are feeling the brunt of eight interest hikes. Month after month and week after week, they are seeing the pressure on their incomes. Action must be taken to support these families. We have been raising the issue with the Government for months and asking it to do something but the members of the Government have their heads in the sand. The Government has so far refused to take any action despite the fact that families are seeing bills and mortgage repayments increase by thousands of euro. I have been calling on the Government to introduce temporary and targeted mortgage interest relief to support these households. We have brought forward credible solutions and proposals that would offer a helping hand to those whose mortgage interest rates have spiralled by supporting households with 30% of the rising mortgage costs, benefiting households with up to €1,500 per annum, with appropriate limits and caps.

Hundreds of thousands of households are anticipating another letter in the coming days telling them their mortgage repayments have increased again. It will be the eighth such letter that many of these families have received in less than a year. Is it not time for those in government to get their heads out of the sand and take action to support families who are trying to keep a roof over their heads? Will the Government take action? Will it introduce mortgage interest relief to support these struggling households or is the Government's message the same as it has been in recent months, that is, people are on their own?

Táim buíoch as an cheist thábhachtach faoi mhorgáistí. I assure the Deputy that no one has their head in the sand. No one will be left alone, as the Government has proved during the cost-of-living crisis with the additional measures we have brought forward for families and individuals across the country. The average interest rate on new mortgages in April, prior to today's expected increase in ECB rates, was 3.6%. Mortgage rates in Ireland are the fifth lowest among the 20 countries that use the euro. Roughly 90% of new mortgages over the past year or so, as the Deputy should know, have been fixed-rate mortgages. These products will, thankfully, protect borrowers in the event of further interest rate rises in the market.

The last time there was mortgage interest relief was in 2008. The full-year cost at that time was €700 million. It would be a significant intervention and it is not one that anyone should take lightly or bring forward on an ad hoc basis. The pre-budget submission that Sinn Féin published before the budget last September made no reference whatsoever to mortgage interest relief. The reintroduction of a tax relief on mortgages does need to be considered. There is no question but that families and individuals are suffering because of the mortgage rate increases. However, such a relief cannot be done on an ad hoc basis. That is what the Deputy has suggested to deal with nearly every problem. He changes from one week to the next. That is not the way to manage an economy or the country. The budgetary process is the most appropriate way to consider further action in respect of the cost-of-living challenge and the introduction of mortgage interest relief, should it be decided that ought to be done.

Sinn Féin's proposals, brought forward by the Deputy, do not help people on fixed-interest mortgages. There are questions about fairness in respect of who gets relief and who does not, and at what levels they get that relief. While tracker mortgage holders and some people on variable rates have unquestionably been affected by higher payments, recent Central Bank research shows that having benefited from lower repayments over the years, the increases they now face will move their repayments roughly to the level of other borrowers. Fairness and equity are important in any measures we would take.

In respect of non-bank lenders, the Minister for Finance and senior officials recently met with providers in the non-bank sector. The Minister raised concerns about the impact of recent mortgage interest rate rises on borrowers and the potential this may have to increase mortgage arrears. That is a real situation with which the Minister has been dealing. He has emphasised it is a Government priority to reduce mortgage arrears and noted that the higher rates being charged by non-bank lenders act against achieving this objective. The Minister also recently wrote to the Central Bank in the context of the review of the consumer protection code to highlight the issue and to underline the importance of customers with performing mortgages being supported and facilitated to switch to avail of the lower interest rates that are available in the market outside the non-bank lenders. Many borrowers within the non-bank sector who are fully repaying their mortgages should be in a position to switch their loans back to the banks if they wish to do so. There are approximately 72,000 borrowers with tracker or fixed-rate mortgages with non-banks so it is a significant sector. On that point, I agree with the Deputy. Any measures the Government decides to implemented will come, in the round, by way of a budgetary response, as we did in the last budget to bring forward additional measures on the cost of living. The Deputy will recall that every week last year, members of Sinn Féin were jumping up and down and looking for emergency budgets. What type of security or certainty would that have provided? This Government was able to bring forward a budget last year to help people. I assure the House we will do the same this year.

The Minister talks about security and certainty. He has his head firmly in the sand. I gave him examples, including those of the single mother whose mortgage interest rate has increased by €8,400 per annum and the taxi driver whose interest rate has increased by €5,000. The Central Bank has stated that one in every five mortgage holders across the State will see an interest rate hike of €4,800. That is before we figure in today's interest rate hike and the increase in May. That is the reality. What the Government has done is nothing. The Minister spewed figures about new mortgages but there are 750,000 existing mortgages. The ECB states that in Ireland, the figures are 53% higher than the European average. That is the reality.

Since December, we in Sinn Féin, the Opposition party, have been putting forward proposals in respect of a tailored and targeted measure to support mortgage holders dealing with high interest costs.

The Government has come up blank. It has said to wait until October and it may do something. These families, the single mother, the taxi person and the people whose loans the Government allowed banks to sell to vulture funds are being charged 8% and 9%. The Government is telling them to hold on until October and that it might do something at that stage. That is not acceptable.

The Deputy's time is up.

This is out of control and we need to intervene now.

Unquestionably, there are people badly affected by the interest rate increases we have seen in recent months. I remind the Deputy that when Sinn Féin brought forward its alternative budget, it made no mention of mortgage interest relief whatsoever. What does that show about Sinn Féin's foresight or planning with regard to the economy? Every week, the Deputy comes in with further asks for additional spends, additional taxes and additional reliefs. That is not the way any responsible Government would manage an economy or manage the country. That is why we have thankfully more than 2.66 million people working in this economy. You do not just deal with things on an ad hoc basis. I assure the people who are affected by this issue that the Government will consider it in the context of the budget-----

We do not have time.

-----and appropriately so, as we did in the most recent budget in the context of the cost-of-living crisis. Let us remember the Sinn Féin proposed energy price caps that would have spiralled out of control. We targeted the supports for people and families. We targeted additional social protection payments for our elderly and those with disabilities. He knows what we did.

There are no supports left.

What he did every week was come in with the last thing he heard outside the door and asked for it here in the Chamber.

We have been arguing for this since December.