Peter Mathews (Dublin South, Independent)
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104. To ask the Minister for Finance the reasons the European Central Bank reduced interest rates was not passed onto the variable mortgage holders; and if he will make a statement on the matter. [55204/13]

Michael Noonan (Limerick City, Fine Gael)
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I, as Minister for Finance, have no statutory role in relation to the mortgage interest rates charged by regulated financial institutions. It is a commercial matter for the banks concerned.

The mortgage interest rates that financial institutions operating in Ireland charge to customers are determined as a result of a commercial decision by the institutions concerned. This interest rate is determined taking into account a broad range of factors, including European Central Bank base rates, deposit rates, market funding costs, the competitive environment and an institution’s overall funding.