Banks must be made to act on mortgages
The Government threatened to act against the various banks if they did not bow to pressure to ease standard variable rates for mortgages holders.
They didn't - and now the time for talking is over.
The State-owned AIB - which reported profits of over €1bn for 2014 - has signalled it will cut rates and Permanent TSB, which is also largely owned by the State, is likely to follow, reluctantly. But Ulster Bank and the Bank of Ireland have said they cannot cut rates, or commit to cutting them. The State's dilemma is that while it is trying to 'fatten' up the State banks for sale, cutting profitability at the same time would appear to be counter-productive.