Fianna Fáil has called for meaningful cuts to variable mortgages, as the banks' deadline to do so approaches.
Finance Minister Michael Noonan has given bank bosses until July 1st to reduce their rates.
Minister Noonan gave another signal earlier this week that he may impose a levy in the budget on banks who don't cut their standard variable mortgage interest rates
AIB had already announced a variable rate cut - by a quarter of a percent to 3.9% - before the meeting with the Minister last month, while Bank of Ireland is to reduce its fixed rates - but is refusing to cut its variable.
No announcement has yet been made by Permanent TSB, Ulster Bank, ACC or KBC.
Deputy Michael McGrath is Fianna Fáil's Spokesperson for Finance:
He also says "the banks need to be told that tinkering with rates and products is not a sufficient response. The facts are startling.
"KBC, Permanent TSB and Bank of Ireland all charge existing standard variable rate customers 4.5%. ACC bank, now part of Rabobank, charges 4.4%. Danske Bank, who no longer sell mortgages here, charges a whopping 4.95%. Ulster Bank has a standard variable rate of 4.3%," he adds.
It has been reported that standard variable mortgage holders are paying up to eleven weeks pay a year more than tracker holders to meet the extra costs banks are landing on them.
