Fianna Fáil proposes more powers for Central Bank to intervene on variable rates

John Brassil 3Fianna Fáil is proposing to give new powers to the Central Bank to intervene in the mortgage market where fair interest rates are not being applied to customers. Deputy John Brassil says the proposed legislation will give the Central Bank the power to monitor the interest rates being charged and step in where an obvious unfairness is being applied. Deputy Brassil says these powers exist in other countries and would go a long way towards addressing the plight of standard variable rate mortgage holders on high interest rates whose homes are in negative equity.