Mortgage interest rates bill to be referred to Committee

Mortgage interest rates bill to be referred to Committee

The Government's climbed down in the Dáil tonight and avoided an embarrassing defeat in a vote.

Finance Minister Michael Noonan withdrew an amendment to Fianna Fáil legislation on cutting mortgage interest rates that would have deferred further discussion of the bill for six months.

And when the bill was about to be put to a second stage vote, the minority Government did not vote against it.

The proposed legislation will now be referred to Committee.

Fianna Fáil's Michael McGrath says there is only one purpose for this legislation.

"This is not about a political victory, I take no pleasure in the possibility of the Government loosing a vote.

"This bill is essentially about acting for the common good and it is about securing a fair deal for mortgage holders."

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