Pearse Doherty (Donegal South West, Sinn Fein)
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334. To ask the Minister for Finance what specifically the agenda point media plans for senior persons for his meeting with AIB in September 2015 related to; and if he will report on the discussions on the point. [38335/15]

Michael Noonan (Limerick City, Fine Gael)
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Firstly, as the Deputy knows, I have taken steps to ensure the banks provide options for mortgage holders to reduce their monthly repayments.

Last May, I met the six main mortgage lenders, including AIB, and outlined my view that the standard variable rate being charged to Irish customers was too high. The banks agreed to review their rates and products and, by the beginning of July, to have simple options to reduce monthly mortgage payments for SVR customers.

I then conducted a follow-up series of meetings with these banks in September to discuss various issues and review the progress that had been made in relation to mortgage interest rates. I met senior management of AIB on 14 September 2015.

In advance of this meeting, a suggested agenda was circulated internally. The item in relation to media plans was a standard point which referred to asking the banks about their media plans to advertise rate changes, options for mortgage customers or switching opportunities, for example.

At these meetings, the banks updated me on general issues and outlined where they had put options in place to allow borrowers reduce their repayments. These options range from lower variable rates to new suites of variable rates based on loan to value and reductions in fixed rates. The banks also discussed any media campaigns which they were undertaking in relation to these initiatives.

I have since encouraged borrowers to contact their banks to see what is available to them in their circumstances or consider moving to another bank, where possible, if the offer is not satisfactory.