Independent Senator Feargal Quinn has said a bill he has drawn up to allow the Central Bank to direct banks to reduce their rates on variable mortgages, would give the Finance Minister a "powerful weapon."
Senator Quinn said that despite low interest rates in Europe, banks here were still charging in excess of 4% on variable mortgage rates.
He said given that the Central Bank has stated that it does not want the power to tell banks to lower these rates, his bill would strengthen the position of the Finance Minister.
Mr Quinn said his bill would only apply to existing banks and for a three year period.
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