Terence Flanagan
Question:187 Deputy Terence Flanagan asked the Minister for Finance his views on a matter (details supplied) regarding ECB interest rate cuts; and if he will make a statement on the matter. [9781/12]
View answerTuesday, 21 February 2012
Questions (158)
Written answers
Neither the Central Bank nor I have any responsibility for the variable mortgage interest rate charged by financial institutions. I have no powers to compel mortgage lenders to reduce their variable mortgage interest rates. However the Central Bank has advised me that within its existing powers it will continue to engage with specific lenders which appear to have standard variable rates set disproportionate to their cost of funds.