Irish homeowners continue to pay the highest costs in Europe for their loans, while savers here get some of the worst rates, according to official figures.
The latest Central Bank survey showed the average rate Irish banks charge new customers for all types of floating rate mortgages stood at 3.22% in June.
The rate rises to 3.56% when the large amount of so-called renegotiated or restructured home loans are excluded.
The mortgage rate in the Republic compares with an average 1.81% banks charge new business customers across the eurozone.
In Ireland, mortgage rates for new customers, including renegotiated loans, has fallen by a meagre 9 basis points in the past 12 months. The decline stands at 30 basis points once renegotiated loans are excluded.
Rates for variable rate mortgages fell 53 basis points to an average of 3.60%. Fixed rates for one to three years fell here by 26 basis points.
On deposits, the rates banks pay customers for their savings have shrunk in Ireland and the eurozone. However, banks here pay savers 0.13%, compared with an average rate of 0.58% across the whole of the eurozone.
Most Irish lenders this year have encouraged borrowers to switch to fixed rate mortgages from standard variable rates.
Irish banks also say that around half of all mortgage borrowers here pay tacker mortgage rates of around 1% or less.
Critics, however, say some banks persist in charging existing borrowers higher rates than those offered to new customers.
“The reductions in the ECB rates have been passed onto depositors, but mortgage holders have not benefited to any significant degree,” said Brendan Burgess of the Fair Mortgage Rates Campaign.
Rachel McGovern, chief operations officer at the industry group Professional Insurance Brokers Association, urged banks to offer “good” long-term rates of up to 20 years.
The figures show “two thirds of all new mortgages issued in the year to June were standard variable rate arrangements points to a lack of proper long-term fixed rates in the market and shows how out-of-step Ireland is with its European counterparts, she said.
The Central Bank said that banks sold new mortgage agreements of €417m in June and €4.5bn over the past year.
The new business excludes renegotiated mortgage arrangements struck between customers and banks.
There was €300m worth of home loans renegotiated in June.
The average rate paid by homeowners for their renegotiated mortgages stands at 3.03%, the figures show.
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