Mortgage interest rates: Central Bank action pointless

IRISH banks — including one bailed out by taxpayers — are back making huge profits while home-owners on variable mortgage rates pay 2% more than those in other eurozone countries.

That is neither just, reasonable, nor sensible yet the Central Bank, which has imposed very tough restrictions on individual borrowers, has adopted a wimpish approach in dealing with Irish banks.

Under a new CB rule which does not come into force until next year, banks will — wait for it — have to tell variable rate customers that they could save money by switching.