Brendan Burgess
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From the front page of today's Irish Times
Pressure mounts on lenders for variable mortgage rate cuts
The Central Bank has said in a report to the Minister for Finance that it would be advisable for the banks to cut rates to avoid a response from the political system.
In a report to Mr Noonan, the Central Bank is understood to say it would be advisable for the banks to cut standard variable mortgage rates to head off any political response on the issue. Mr Noonan has refused to rule out increasing the bank levy if banks do not reduce interest rates.
The Central Bank report to Mr Noonan is believed to say that, overall, the banks are not making excessive profits on lending when account is taken of their low-yielding tracker mortgages. But it said if there was more competition in the market, the banks would nonetheless have to cut their standard variable mortgage rates.
Pressure mounts on lenders for variable mortgage rate cuts
The Central Bank has said in a report to the Minister for Finance that it would be advisable for the banks to cut rates to avoid a response from the political system.
In a report to Mr Noonan, the Central Bank is understood to say it would be advisable for the banks to cut standard variable mortgage rates to head off any political response on the issue. Mr Noonan has refused to rule out increasing the bank levy if banks do not reduce interest rates.
The Central Bank report to Mr Noonan is believed to say that, overall, the banks are not making excessive profits on lending when account is taken of their low-yielding tracker mortgages. But it said if there was more competition in the market, the banks would nonetheless have to cut their standard variable mortgage rates.