Homeowners paralyzed by the highest rates in the euro zone

Buyers pay thousands of euros more per year for their loans than people on the mainland.

This is because mortgage rates continue to be the highest in the eurozone.

The new Central Bank figures confirm that people who take out a new mortgage are billed on average 3.21pc. The average for the euro zone is 1.8pc

This means that borrowers pay here € 220 more per month than the euro area average on a € 300,000 mortgage over 30 years.

In a statement, the Central Bank admitted: "Ireland continued to have the highest average interest rate in the euro area on all new mortgages agreed in May, at 3.21pc

.] "The rate varied considerably by country, with the euro area average being 1.80pc."

Ireland is the only country with an average rate above 3pc. [19659005] Some 10 of the 19 eurozone countries say In 1965, Michael McGrath, finance spokesman for Fianna Fáil, described interest rates as a scam.

Mortgage interests practiced in Ireland are totally unjustifiable and banks can not be allowed He added that the mbadive differential in interest rates was having a negative impact on the quality of life of hundreds of thousands of individuals and families in the

Mr. McGrath accused the government and the bank to show no interest in the question.

"Both seem happy to allow Irish mortgage holders and SMEs to pay for the most expensive debt in Europe," he said

. household deposits.

The figures show that fixed rate mortgages accounted for 54 pc of new loans over the three months to May.

This compares to 80pc of new agreements over the same period in the euro area.