Enda Kenny sounds budget warning for banks over mortgage rates

Taoiseach Enda Kenny has hinted at penalising the main banks in the budget if they do not reduce their mortgage rates for customers.

However, at the same time he indicated lenders will not be forced to overhaul variable rates for borrowers through legislation.

Mr Kenny was told yesterday that little was being done to help variable mortgage borrowers being “screwed” by lenders and that the Coalition was engaging in too much “propaganda”.