The Government looks set to avoid losing its first vote in the Dáil tomorrow night on plans by Fianna Fáil to force banks into cutting mortgage rates.
Assertions from the Finance Minister that the legislation may be unconstitutional have been described as "bogus" by Fianna Fáil.
Under the Fianna Fáil legislation the Central Bank would be given powers to cap the amount banks charge for standard variable mortgages.
But the minority Government feels the proposed bill may be unconstitutional, note the Central Bank doesn't want the proposed powers, and that the E.C.B. would also have to have a say.
Finance Minister Michael Noonan's worried it'll actually stop interest rates coming down.
But Fianna Fáil's adamant that something has to be done for hundreds of thousands of homeowners being screwed by banks.
Finance spokesman, Michael mcGrath doesn't accept the Government's excuses.
A Government plan to send the Bill of pre legislative scrutiny looks set to be defeated, but the minority says it won't oppose the legislation at this stage, avoiding a defeat on the first vote of its administration.
