Central Bank under fire over variable rate mortgages

The findings of a Central Bank probe into why banks failed to pass on variable mortgage rate cuts to customers needs to be made public as soon as possible, opposition TDs have urged.

Michael McGrath, Fianna Fáil’s finance spokesman, has written to Central Bank governor Patrick Honohan calling for research into how such mortgages became markedly higher here than in the rest of the eurozone, to be released in order to trigger action on the issue.

Mr McGrath insists Irish customers are being “ripped-off” in order to boost bank profits while watchdogs do little to aid mortgagees.