Michael Noonan ‘asleep at the wheel’ over mortgage rates

Finance Minister Michael Noonan has been accused of being asleep at the wheel as banks exploit 300,000 customers over variable interest rates.

The minister was urged to start taking action to protect mortgage holders who had not had reductions passed onto them by banks.

Fianna Fáil finance spokesman Michael McGrath said the minister did not need to take emergency powers, but should use his influence to ensure the Central Bank intervenes.