Dáil Éireann Debate, Tuesday - 5 February 2013
289. Deputy Brendan Ryan asked the Minister for Finance if his attention has been drawn to an increase in the standard variable rate mortgages by .25% by a bank (details supplied); if his Department consulted with this bank on the matter and the effect this increase will have on mortgage holders; and if he will make a statement on the matter. [5951/13]
View answerI, as Minister for Finance, have no statutory role in the setting of the standard variable mortgage interest rates charged by regulated financial institutions. It is a commercial matter for each lending institution concerned. The standard variable mortgage interest rates that financial institutions operating in Ireland charge to customers are determined as a result of a commercial decision by the institutions concerned. This interest rate is determined taking into account a broad range of factors, including European Central Bank base rates, deposit rates, market funding costs, the competitive environment and an institution's overall funding.
Neither I nor my officials contacted the bank referred to by the Deputy.
