Fianna Fail has accused Irish banks from profiting from low European Central Bank interest rates.

It says the ECB needs to take action to ensure that Irish banks pass on interest rate reductions to their customers.

The party says that interest rates have been set at a record low by the ECB - but people with mortgages and loans with Irish banks are not seeing the benefit of these reductions.

President of the ECB Mario Draghi is being called on to intervene to ensure that Irish banks pass on the lower interest rate.

Fianna Fail finance spokesperson Michael McGrath says these interest rate reductions should be passed on to variable rate mortgage holders.