A Fianna Fáil TD is calling on banks to follow AIB's lead and cut variable interest rates on mortgages.
Michael McGrath says Irish people are paying way over the odds and there needs to be more competition in the banking sector.
It comes as the CEO of Bank of Ireland appears before the Oireachtas Finance Committee today, where he is expected to come under pressure to offer long term solutions to those in mortgage distress.
Fianna Fáil's finance spokesperson Michael McGrath says variable interest rates need to drop.
"There is simply no justification for the banks continuing to charge well in excess of 4%t for variable rate products, and that needs to change," he said.
"We're paying way over the odds in terms of personal loans, up at around 12%, credit card interest rates around 20%, mortgages around 4.5%.
"We need more competition in the banking sector," he added.