Dáil to vote on new mortgage interest rate bill amid angry scenes

The bill would allow limits on variable mortgage interest rates

There were angry scenes in the Dáil last night after the Finance Minister Michael Noonan accused Fianna Fáil of wiping 10% off the value of bank shares.

Mr Noonan says the shares fell just after Fianna Fáil published its bill to allow limits on variable mortgage interest rates.

A vote on the proposed legislation is due to take place in the Dáil tonight.

Mr Noonan says Fianna Fáil cannot be reckless now that the government does not have a majority.

Peter Oakes is a former director of enforcement at the Central Bank.

He says if the bill is passed, and is found to be constitutional, the European Central Bank (ECB) would have to be consulted on the plans.