The Finance Minister Michael Noonan is meeting with banks today to try and get them to reduce their standard variable mortgage rates.

Homeowners on variable rate mortgages are paying up to four times as much a those with a tracker mortgage.

Mr Noonan will meet with the heads of six banks over the next fortnight.

Markets editor with the Sunday Business Post, Ian Guider, says so far AIB is the only bank that has reduced its variable rate.

"They have been very good boys and they have adhered to what Michael Noonan said to reduce their standard variable rates" he told Newstalk Lunchtime.

"However, it's the other bankers - they haven't really played ball".

"There have been a flurry of announcements over the last couple of months since the banks were hauled in at the back end of June and the start of July".

"But the standard variable rate - that hasn't come down at either Bank of Ireland, Permanent TSB or all the other banks as well" he added.