The Minister for Finance has told senior management of Ireland's six main lenders that Standard Variable Rates being charged are too high.

Michael Noonan TD has concluded a constructive series of meetings with the management which focused on the mortgage market and specifically the comparatively high standard variable rates currently being charged by the banks.

Minister Noonan stated: "There was agreement from all lenders that customers should have access to more competitive mortgage products as per my recommendation.

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"The banks agreed to review their rates and products and, by the beginning of July, to have simple options to reduce monthly mortgage payments for SVR customers.

"Some of the potential products include lower standard variable rates for existing and new customers, competitive fixed rate products and lower variable rates taking account of loan to value for new and existing customers.

"In addition to the issue of rates I also outlined the need for greater competition in the market and the need for a more active and well-resourced campaign by the individual banks.

"This should focus on promoting awareness of their best offering and how easy it is for customers to take up new products and switch between different institutions if they wish to avail of better rates."

(CD/JP)