Michael Noonan to meet bank chiefs over cut in rates

The finance minister has revealed plans to call in six of the country’s main mortgage lenders to discuss a reduction in interest rates.

Michael Noonan said the governor of the Central Bank was reviewing the cost of mortgages to banks.

“I’ve had consultations with the governor and he has done a piece of analysis to show the margin between the cost of money and what they’re getting for money when they lend it for mortgages, and he has that for me in the next 10 days or so.”