The Finance Minister Michael Noonan says he will continue to put pressure on banks on the cost of variable mortgage rates.

Mr Noonan says he expects a review on the rates being charged by the six main banks from the Central Bank within days.

Some homeowners are paying over €1,000 extra a year on mortgage repayments because of the rates being charged.

So far, most banks have refused to budge on their variable rates.

But Mr Noonan says he will keep the pressure up on this issue.

Mr Noonan also says he has no objection to reducing the bankruptcy period - but not as part of planned solutions to mortgage arrears.

The coalition is to make changes to the insolvency arrangements in the coming weeks, with new legislation from the Department of Justice.

Labour backbencher Willie Penrose has proposed reducing the bankruptcy period from three years to one.

Mr Noonan says he has no objection and believes it should be looked at in the coming months.