Fianna Fáil has outlined an extensive action plan in relation to rip-off mortgage rates.

The measures also include the ongoing problem of mortgage arrears and repossessions.

Finance spokesperson Michael McGrath commented: "Across a range of issues, Fine Gael and Labour have failed to take the necessary actions to protect mortgage holders. They strengthened the ability of banks to obtain a repossession order for a family home while refusing to end the scandal of rip-off interest rates. Up to 1,600 homes were repossessed in 2015.

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"Over 300,000 households are paying rates that are double the European average for equivalent mortgages. This is costing families hundreds of euro a month. The margin earned by banks on variable rate loans has grown dramatically as their cost of funds has fallen.

"The banks response to widespread concern on this issue has been totally inadequate. Despite the fact that variable rates in Ireland are more than 2% higher than the euro area average, most banks have offered little more than reductions in their fixed rates.

"Similarly those in mortgage arrears have largely been abandoned. While many restructurings have been put in place, most have not been genuine long term solutions."

(CD/LM)