The Finance Minister says he's calling in the six main banks to ask them to explain why they're not reducing their variable rate mortgages.
Michael Noonan says the Central Bank Govenor has analysed the difference between what the banks are borrowing the money for themselves - and what they in turn are charging their customers.
Minister Noonan says although he doesn't have legal authority to tell the banks to cut the rates, he intends to apply pressure.
