Brendan Burgess
Founder
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http://www.europarl.europa.eu/sides...WQ+P-2015-005870+0+DOC+XML+V0//EN&language=en
Subject: Standard variable mortgage rates
The average standard variable mortgage rate in Ireland is 4.2%, according to the Central Bank of Ireland’s most recent Retail Interest Rate Statistics. The average standard variable rate for the whole eurozone is 2.3%. This demonstrates that Irish banks are greatly overcharging consumers compared with other eurozone banks. Yet Irish banks are subject to the same ECB refinancing rate as other eurozone banks. The main ECB rate is currently 0.05%, which is clearly not being passed on to Irish mortgage holders. There are essentially six main players offering standard variable mortgages in Ireland and they all offer similarly high rates. This lack of competition needs to be addressed.
What action can the Commission take to ensure that Irish consumers are treated fairly in relation to variable mortgage rates?
How can it address the lack of competition between banks in Ireland, given that consumers are being charged excessive variable rates by all Irish banks?
Will it consider conducting an inquiry into standard variable mortgage rates across Europe?
The average standard variable mortgage rate in Ireland is 4.2%, according to the Central Bank of Ireland’s most recent Retail Interest Rate Statistics. The average standard variable rate for the whole eurozone is 2.3%. This demonstrates that Irish banks are greatly overcharging consumers compared with other eurozone banks. Yet Irish banks are subject to the same ECB refinancing rate as other eurozone banks. The main ECB rate is currently 0.05%, which is clearly not being passed on to Irish mortgage holders. There are essentially six main players offering standard variable mortgages in Ireland and they all offer similarly high rates. This lack of competition needs to be addressed.
What action can the Commission take to ensure that Irish consumers are treated fairly in relation to variable mortgage rates?
How can it address the lack of competition between banks in Ireland, given that consumers are being charged excessive variable rates by all Irish banks?
Will it consider conducting an inquiry into standard variable mortgage rates across Europe?