Mortgage bill the only way to drive down rates

Two years ago, when we launched the Fair Mortgage Rates Campaign, Irish borrowers were paying 4.5% compared to an average Eurozone rate of 2.64% — a difference of 1.86%.

Since then, the average rate for new business in Ireland has dropped to 3.56% while the average Eurozone rate has fallen to 1.81%.

So the gap has remained pretty much the same. Today Irish borrowers are still paying 1.75% more than the average rate paid by borrowers in other Eurozone countries.