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

As the Minister knows, I have consistently raised the issue of standard variable interest mortgage rates being charged in this country, particularly the rates being charged on approximately 300,000 existing bank customers on a standard variable rate. There is a marked difference between the rates they are being charged and those being offered by financial institutions to new customers. That is not good enough and the issue still needs to be addressed. Unfortunately, competition does not look set to resolve the matter and the question is what action the Minister is prepared to take.

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