Noonan to grill banks on high rate cost

Bank chiefs are set to be quizzed today on how they propose to offer families with variable rate mortgages a reprieve or otherwise face the threat of Government action.

Finance Minister Michael Noonan will meet with Allied Irish Banks CEO David Duffy among others and ask what the short- and long-term plans are to offer variable mortgage holders alternative rates.

AIB — which is 99% owned by the State, — will be confronted with Central Bank research which outlines how Irish variable rate mortgage holders are paying considerably more than the eurozone average.