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Noonan to meet banks again on variable rate cuts

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Earlier this week, AIB announced it was going to outsource around 170 IT staff to other companies

Earlier this week, AIB announced it was going to outsource around 170 IT staff to other companies

Earlier this week, AIB announced it was going to outsource around 170 IT staff to other companies

Finance Minister Michael Noonan is to meet the banks in September to again try and force them to lower their mortgage rates.

He said their variable rates were still "too high".

Only AIB has lowered its variable rates. The bank cut them last year, and again in the past few weeks. And the State-owned bank, which includes EBS and Haven, has indicated to the minister that it plans more reductions in its variable rate.

Bank of Ireland responded to the minister's demands by recently cutting its fixed rates, encouraging existing customers to move to these rates. Ulster Bank and Permanent TSB have yet to respond to Mr Noonan's calls for rate reductions.

Irish Independent