The Central Bank (Mortgage Interests Rates Bill) 2015 is to be brought forward by Sinn Féin this week.

The bill is designed to give the Central Bank the power to cap mortgage interest rates at banks that have been bailed out with public money.

Sinn Féin Finance Spokesperson, Pearse Doherty, said the legislation is a "thought out" and "concrete" response by Sinn Féin to the scandal of very high Standard Variable Rates (SVRs) mortgage interest rates.

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He said: "The government has talked tough on mortgage interest rates but delivered very little. People won't be satisfied by a promised small cut down the line.

"Finance Minister Michael Noonan says this will be considered in the budget if it is still needed. That is a waste of time. Action is needed now. We know Bank of Ireland have already dismissed his plan.

"This is an exceptional bill for exceptional times. It is not a permanent plan. Competition and other reforms are still needed in the banking sector."

(CD/JP)