The Minister for Finance Michael Noonan will meet with the Governor of the Central Bank later to discuss variable rate mortgages.
Minister Noonan wants banks to pass on rate cuts to variable rate borrowers who are paying up to 3-thousand euro more than the EU average.
CONTINUE READING BELOW
However, the Central Bank's Chief Economist Gabriel Fagan has dampened expectations of putting pressure on the banks – he's warned that it would be "undesirable" for the institution to seek to control rates.
