Find a page

Honohan before Finance Committee
28 May 2015 20:08
The Governor of the Central Bank has said that standard variable mortgage rates had moved arguably higher than a "fair-minded customer" might have reasonably expected.
-
But he warned against Government intervention.
-
Professor Patrick Honohan said while the banks had to achieve a sufficient return on the investment of funds to survive, he would welcome a reduction in the rates as "a benefit to the economy at large".
-
The Central Bank Governor was appearing before the Oireachtas Finance Committee.
-
Mr Honohan said that there would be a case for Government intervention, if it was not for the firm conviction that this would have "a stultifying effect on bank efficiency and a chilling effect on the entry of other banks".
-
He said banks should move to publishing a clear and quantified statement of their standard variable interest rate policy.
-
Professor Honohan said the Central Bank wrote to each of the banks in February to ask for a clear statement of each bank's pricing behaviour around standard variable rate mortgages (SVRs).
-
"In their responses, none of the banks have so far provided what I would regard as a clear and quantified statement of their policy with respect to adjustments of the SVR interest rate," he stated.
-

Where can I get RTÉ Aertel Digital?

RTÉ Aertel Digital is an enhanced digital version of the RTÉ Aertel teletext service. It functions in the same way as the analogue service, offering current news, sport and weather updates but is now more agile and easier to use.

RTÉ Aertel Digital is available on Saorview, the new free digital TV service in Ireland.
Press TEXT button on your remote to launch Aertel from RTÉ One, RTÉ Two, RTÉ News Now.