The Minister for Finance is expected to publish a report later by the Central Bank, comparing variable mortgage rates available here.

Michael Noonan and Taoiseach Enda Kenny have repeatedly asked the banks to lower their variable rates, in particular to help those with difficulties making repayments.

Although the banks have had to reduce tracker mortgages, there has been little benefit to around 300,000 variable rate customers.

European Central Bank lending rates are currently close to zero.