I actually think it's a pretty lazy article.
It references default rates but ignores the fact that around 14% of Irish mortgages are non-performing, versus an Eurozone average of around 5%.
Also, lenders provision for future defaults by reference to historic default rates so our high default rates will have an impact for a much longer period than the article implies.
Having said that, the spread between Irish floating rates for new loans and the Eurozone average figure appears to have grown somewhat in recent months, which is a worrying trend. It shows that we desperately need new entrants to the mortgage market.