Business

Saturday 24 September 2016

Noonan to meet banks to discuss standard variable mortgage rates

Published 14/09/2015 | 07:41

Michael Noonan
Michael Noonan

Finance Minister Michael Noonan is to start meeting with banks and lenders today top discuss the issue of standard variable mortgage rates.

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The meetings follow on from concerns about the relatively high cost that Irish variable rate customers are paying compared to their European counterparts.

Some borrowers on tracker mortgages are paying rates of near 1pc while some on tracker rates are paying rates of 4.5pc.

Mr Noonan first put pressure on the banks on the issue earlier in the year, with the result that some lenders, such as AIB, cut their rates.

The first meetings will be with AIB and ACC. Mr Noonan is to meet six banks over the next two weeks.

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