Fianna Fail has accused banks of charging thousands of mortgage customers "exorbiant rates" and has pledged to build a consensus on the issue in the Dail.

TD for Dublin Fingal, Darragh O'Brien, said he is eager for the Dáil to debate the Central Bank Variable Rate Mortgages Bill 2016.

He said: "Many of these customers live in areas that saw a lot of development in recent decades, such as Swords, Donabate, Rush, Lusk and other areas. This Private Members motion offers the possibility of relief for many constituents struggling with these excessive costs.

-- Advertisement --

"By enabling the Central Bank to put a cap on interest rates if banks are found objectively to be charging an unreasonable amount, we can go a long way to relieving this problem.

"Fianna Fáil will try to build a consensus on this issue in the Dáil, to pass our Bill and deal with the issue which is has blighted our mortgage market for a long time now."

(CD/JP)