Michael Noonan to shame banks into cuts on mortgage rates

Banks are set to be embarrassed into reducing steep variable mortgage rates and passing on reductions or cash savings to struggling homeowners.

The central bank is compiling a report on what type of profits banks are earning on variable mortgage rates here, which are more than double those charged elsewhere in the eurozone.

Finance Minister Michael Noonan yesterday signalled that institutions would have to respond as he warned that he would have no qualms about hauling in bank bosses over the matter.