Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

As the Minister is aware, Fianna Fáil has raised a Private Members' motion this week on the issue of excessive standard variable mortgage interest rates and the ability of the Government or the Central Bank to set interest rates. The motion calls on the Minister to use his influence, to express a view and to engage with the financial institutions directly and for the Central Bank to do the same. Standard variable rate mortgage customers are an exploited group of customers. They are paying way over the odds and something needs to be done about that.

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