Senator Darragh O'Brien and others have mentioned bankers' salaries but, in particular, that of Bank of Ireland's CEO. I addressed this matter yesterday and said it was totally immoral for anybody to be on that amount. The Government only has a 15% share in Bank of Ireland. The Mercer report demanded decreases of between 6% and 10% and I hope that will happen. I hope we will hear an announcement about this next week and that we will have cuts in excess of 10% for many of the senior executives in that bank. The Government is waiting anxiously for the banks to get back to it on that issue.

As regards the situation in AIB, it is regrettable that the bank's board has made a strictly commercial decision. As the taxpayer has invested over €20 billion in AIB, it is essential that the bank is run in a commercial manner in the best interests of the shareholder. In this instance, the shareholder is the taxpayer.

The mortgage holders.

If the bank were to continue charging unsustainably low standard variable rates, it would mean that the taxpayer would have to put more capital into the bank. That is the current position. As I have said, the taxpayer has already put in over €20 billion, as Senator Darragh O'Brien well knows.

The Government put in €10 billion.

It would not be fair for 2.1 million taxpayers to subsidise 138,000 owner-occupier mortgage holders, especially when the vast majority of them can afford to pay and are paying. The average SVR mortgage in AIB is €128,000 and the changed rate will mean an increase of €24 per month. The average SVR mortgage in the EBS is €102,000 which will mean an increase of €17 per month. AIB's SVR is 4.4% which is below the market average of 4.45%.

Having said all that, it is not sweet music to the ears of those who will have to make increased mortgage repayments. We had all hoped there would be no mortgage increases, at a time when people are finding it hard to meet repayments. The Government has taken measures on mortgages which I hope will benefit the vast majority of those in mortgage arrears. It is acting on that matter. When we came into office, there were 45,000 people in mortgage arrears, yet the previous Government did sweet damn all about it.

What does the figure stand at now?

The Leader to continue, without interruption.

What is the arrears figure now?

The Opposition should be praising the Government for taking this action.

For tearing up the statutory code of conduct, which is the only protection mortgage holders have.

Please, Senator. The Leader to continue, without interruption.

I do not propose to accept the amendment to the Order of Business proposed by Senator Darragh O'Brien.

The Leader might tell us the figure.

He is replying to the questions raised on the Order of Business.