Fianna Fáil vows to force banks to cut home loan rates

Fianna Fáil last night pledged to reintroduce a bill in the Dáil “at the first opportunity” that it says will swiftly lead to Irish banks slashing their home loan rates.

Finance spokesman Michael McGrath told the Irish Examiner he will table legislation “within weeks” to give the Central Bank extensive powers to persuade lenders to cut their standard variable mortgage rates.

“We will introduce legislation at the first opportunity,” Mr McGrath said.