The Finance Minister Michael Noonan is meeting with banks today to try and get them to reduce their standard variable mortgage rates.
Homeowners on variable rate mortgages are paying up to four times as much a those with a tracker mortgage.
Minister Noonan will meet with the heads of six banks over the next fortnight.
So far, AIB is the only bank that has reduced its variable rate.
The standard variable rate at Bank of Ireland, Permanent TSB and the other big banks has not been reduced.