Why are Irish mortgage rates the highest in the EU?

Latest figures from the Central Bank show that the average interest rate on a new mortgage in Ireland is 3.01%.

Although low for Ireland by historical standards, and a drop from 3.21% in July 2018, this compares to an average rate of 1.78% across the Eurozone and a rate of less than 1.00% in Finland — a country with a similar population to us.