The organisers of a group campaigning for a reduction in variable mortgage rates have said they may consider putting people forward in the next general election. 

Over 100 people with variable mortgages met in Dublin this evening to discuss the issue.

Brendan Burgess of the SVR Campaign said borrowers on a variable rate are paying about approximately 2% more in Ireland than borrowers in other euro zone countries.

Mr Burgess said people feel the Government is not doing anything about the issue. He said one of the options that may be considered would be to put candidates forward for the next general election.

He said he wanted the Government to give the Central Bank the power to control interest rates.

Fine Gael MP Brian Hayes, who was at the meeting, said people in Ireland knew they were really being screwed on variable mortgage rates.

He said if the banks don't come to the table with a fairer assessment for variable mortgage holders, the Government could always take the option of putting another bank levy on the banks. 

Fianna Fail's spokesperson on Finance, Michael McGrath said while the levy was an option the real concern was that the banks could just hike up the rates further to recoup the money from the levy.

Mr McGrath said what was needed was concerted pressure from Government and the Central Bank on the banks to reduce the rates.

He said failing all else, the Government should be prepared to introduce legislation to set a maximum margin that the banks can charge for variable mortgage rates.