The Minister for Finance Michael Noonan will meet with the Governor of the Central Bank later to discuss variable rate mortgages.
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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.
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.