Noonan to discuss rate cuts with banks

Noonan to discuss rate cuts with banks

Finance Minister Michael Noonan has said he will discuss cutting variable mortgage rates with Ireland’s top lenders in the coming weeks.

Minister Noonan said that following his meeting with Central Bank Governor Patrick Honohan earlier this month, “analytical work” is being carried out on what the interest rate should be “if it was to be reduced”.

The news comes ahead of AIB chief David Duffy’s appearance before the Finance Committee where he defended his bank’s refusal to pass on ECB cuts to its customers.

Mr Noonan says he will raise a rate reduction with mortgage lenders in the weeks ahead.

“I’m expecting the results of that in the next couple of weeks, and then I will meet all the six lenders who contribute most to the Irish mortgage scene – I’ll meet them in the next couple of weeks,” he said.

“And I’ll talk variable interest rate reductions with them.”

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