It is fitting that I am the next speaker, given that I come from County Galway. I welcome Senator Craven. It is a great honour to have her visit the Seanad to listen to our debate, which has been quite lively thus far.

I want to raise a troubling matter which has raised its head in today's newspaper. It relates to a number of banks which have been contacting customers who have tracker mortgages. These banks are now trying to induce these customers into using their savings to make higher payments on their mortgages. However, the banks in this scenario are not coming to this with clean hands. It has been well reported in the past that the banks are losing a vast amount of money on tracker mortgages and it is clear that any steps that are being taken by the banks are to benefit themselves, not their customers. For that reason, I am genuinely fearful their customers will be duped. Any alteration in the terms and conditions of a contract between the bank and its consumer could result in the customer prejudicing himself or herself and his or her position, and I would urge customers to get independent legal advice before they do anything further in this regard.

Moreover, as we all will be aware, the property market is improving, with a 12% increase in prices recorded in Dublin recently. The reality is that as time goes on the value of houses will increase and the mortgage repayments will decrease due to inflation. This will undoubtedly put mortgage holders in a good position. I would certainly urge those mortgage holders who have tracker mortgages to consider this before taking any rash action.

No doubt the banks are using their significant influence and unequal bargaining power to put customers under duress and to do what they want to do-----

And the new code of conduct on mortgage arrears that the Government brought in.

-----but this is quite clearly a breach of contract, a breach of duty and a breach of the Central Bank's code of conduct. It is completely unacceptable.

It is presided over by the Government Senator Higgins supports.

The reality is the banks took a gamble in offering tracker mortgages some time ago, this has not worked out and they are attempting to shift the goalposts. I would say to those on tracker mortgages that the banks must live with this situation and it is very much a commercial reality. In the circumstances, I ask that the Minister for Finance come to the House to debate this matter further because it is a serious issue when the banks of Ireland are using their influence to get customers to change their mortgage terms and conditions.