Noonan to seek cut on variable mortgage interest rates
The Finance Minister Michael Noonan has said he will try and see if pressure can be put on banks to cut variable mortgage interest rates.
Fianna Fáil claims some households are being charged in excess of €1,000 a year more than they should be because banks are making excessive profits on their rates.
Noonan has said there are no legal powers for him to act, but he will discuss the matter with the Governor of the Central Bank.
“I will again speak to the Governor of the Central Bank and ask the bank to see what influence they can bring to bear, to bring the variable mortgage rates closer to the cost of funds,” said Noonan.
“We would hope that further progress could be made.”
