Sinn Féin has hit out over the Irish mortgage market and said it is a "rip-off", following figures released by the Central Bank.

The figures show that the interest rate on outstanding loans for house purchase is 38 basis points above euro area rates, while the rates on new loans is almost 1 percentage point higher in Ireland than the EU average.

Finance Spokesperson Pearse Doherty said: "I am glad these figures have thrown some light on the extent of the rip off of Irish mortgage holders. The immediate question that springs to mind is how many of the 110,000 family homes in mortgage distress are only in that situation because of these high rates.

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"The government needs to set out what it plans to do to correct the market. Unfortunately, like the mortgage crisis itself the government has no intention of intervening in the interests of society and the economy.

"I have drafted legislation which would give greater powers to the Financial Regulator to prevent unjustifiable increases at State supported banks. This would go some way to bringing some control over the sector."

(CD/JP)