Minister for Finance Michael Noonan met with the Governor of the Central Bank Patrick Honohan today to discuss how best to influence the banks to reduce the standard variable rates to customers.
Both the Governor and the Minister noted that the standard variable rates charged in Ireland are higher than other euro area countries.
It was also acknowledged that the Standard Variable Rates in Ireland have not fallen in line with ECB wholesale rates.
Last night Fianna Fáil's Billy Kelleher said the minister needed to be strong and forceful with the Governor and impressed on him to let the view of Dáil Éireann be known.
In recent days, Fianna Fáil called on the Government and the Central Bank to put pressure on banks to facilitate variable mortgage customers with fairer interest rates.
Last night, Fianna Fáil Finance Spokesperson, Michael McGrath said everyone was behind the minister in putting the message to Mr Honohan that deputies vocalised during Private Members this week.
The Central Bank is due to continue researching this and will publish results in the near future.
