Central Bank has ordered banks to give more information to customers in relation to variable interest rate mortgages.

Sinn Féin Finance Spokesperson Pearse Doherty TD welcomed the move however he said it was "long overdue".

Deputy Doherty said: "The move today by the Central Bank to force banks to provide more information to customers is very welcome. Transparency is the friend of consumers and this move can only help homeowners and families avail of better deals.

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"By itself though, it will not change the banks attitude. The option to empower the Central Bank to cap rates as first proposed by legislation I drafted must remain on the table. This announcement cannot be seen as a solution but rather as part of wider solution. We must now watch how this change is implemented and how the banks respond.

"It also shows how when public pressure is brought to bear the Central Bank will act. This opens up the possibility of similar moves to protect car insurance consumers who are facing unexplained demands for hugely increased premiums."

(CD/MH)