I propose to take Questions Nos. 27 and 59 together.
I have no statutory function as regards the setting of interest rates or in relation to the regulation of the profit margins of Irish lending institutions.
I am aware of recent media reports of a study which compares Irish mortgage lenders' margins with the margins of such lenders in the United Kingdom and the United States. It should be noted that the study is based on the margin between interbank rates and mortgage rates and on notional costs, rather than on the actual cost structures obtaining in the three countries referred to.
The setting of the official `short-term facility' interest rate is a matter for the Central Bank, which is independent in the implementation of monetary policy. Mortgage and other retail interest rates are set by financial institutions themselves in the light of market conditions. I would, therefore, encourage people taking out mortgages to check through the market to find the best value.