The Central Bank’s latest batch of interest rate data provides more evidence of the punitive variable rates being charged by Irish banks.

The figures show variable rates on new mortgages, which exclude renegotiated contracts, averaged 4.1 per cent in the first quarter of this year.

While there is no direct euro-area equivalent to this metric, it is understood to be up to 2 per cent greater than that charged by lenders in Europe.

The average variable rate for Irish house purchase, which include renegotiated contracts, was calculated to be 3.42 per cent at the end of March.

The equivalent euro rate was 2.10 per cent.

It is estimated that about 300,000 mortgage holders in Ireland are currently on standard variable rates.

In the past, mortgage interest rates here closely tracked movements in the ECB’s main refinancing rate (MRO).

However, since the financial crash, standard variable rates (SVRs) charged here “decoupled” from their traditional correlation with ECB equivalents as Irish banks tried to compensate for loss-making tracker mortgages, which account for almost half of the Irish mortgage market.

The Central Bank figures show average tracker rates were 1.05 and 1.02 per cent for principal dwelling and buy-to-let loans respectively at the end of March.

In a surprise move, Minister for Finance Michael Noonan this week told the Dáil he might consider introducing legislation to give the Central Bank control of variable mortgage interest rates.

Currently, the Central Bank has no statutory role in the setting of rates charged by regulated entities.

Mr Noonan is awaiting a report on the matter from Central Bank governor Patrick Honohan and has indicated that on foot of this he will open up discussions with the State's six main mortgage providers.

The newly formed SVR campaign group, led by consumer advocate Brendan Burgess, is seeking a legal cap on the amount banks can charge borrowers.

While AIB announced a cut of up to 0.38 per cent on standard variable rate (SVR) mortgages last week, the group complained that the bank is still charging up to 1.5 per cent more than it is charging in Northern Ireland.

The Central Bank’s figures also showed that for primary dwelling mortgages, fixed rates were below standard variable rates across all “fixation” categories following declines in the first quarter.

The largest decline of 31 basis points occurred for one-to-three year fixed rates which averaged 3.99 per cent during the first quarter of 2015.

Despite the lower fixed rates, SVR new business volumes accounted for 57 per cent of all new mortgages drawn down over the quarter to end-March 2015.