The lending institutions in Ireland are independent commercial entities. Ultimately the pricing of financial products, including standard variable mortgage interest rates, is a commercial decision for the management team and board of each lending institution, having due regard to their customers and the impact on profitability, particularly where the cost of funding to each lending institution, including deposit pricing, is under pressure. Neither the Central Bank nor I have any responsibility for the variable mortgage interest rate charged by the financial institutions. I have no powers to compel the institutions to reduce their rates.