The European Central Bank
needs to intervene to enable Irish banks to reduce their standard variable
rates for mortgages. That’s the call being made by the Fine Gael MEP Brian
Hayes. He says Irish mortgage holders are paying around two percent (2%) more
in their standard variable rates than their European counterparts. Earlier this
week both AIB and KBC Bank announced a reduction of their SVRs by a quarter of
a percent 0.25%. Here’s Brian Hayes.