MEP Brian Hayes said this will ensure rates do not become as excessive as they are today.
Mr Hayes said: "This is an issue that affects thousands of people every day and the expected cuts in July will give people much-needed relief. But this is likely to be an issue that will come up again and again. We need to remember that ECB interest rates will eventually start to be increased.
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"We need to have a system that monitors variable mortgage rates to ensure that they reflect the current market conditions.
"The Competition and Consumer Protection Commission, who previously ruled out conducting an inquiry into variable mortgage rates, would be well-placed to introduce an ongoing monitoring system."
(CD)
