This morning Bank of Ireland announced it would raise the interest rate applying to its credit cards. We must remember that the rates applying to credit cards are above 10%. The lower rate is approximately 11% and the higher rate is 16% and both these rates are being raised by 3% to 4% each. At this time people will spend a bit more than usual as it is Christmas and will see the impact of this increase in their January credit card bill. We bailed out this bank, and in the context of the difficulties in the country, this is a horrid move by Bank of Ireland.

The rate of interest charged on amounts outstanding ranges from 11% upwards. In the context of the pressures to which Senator Ó Clochartaigh referred, it is too much for consumers to take this increase. It has been suggested that we have a debate on the psychological effects of debt and the support mechanisms that can be put in place for people struggling with debt as a result of the current difficulties.