Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Some work has been done on tracker mortgages across the banking system. However, as interest rates have reduced and are now at a very low level, the margin of advantage in doing something about tracker mortgages is quite small. With a high interest rate, the kind of initiative about which the Deputy is talking would be of big benefit, but when interest rates are so low, the margin is so narrow that there would be no huge benefit in giving assistance. We will see where that goes.

The Deputy is right in everything he says about Permanent TSB. It is back in the mortgage market and has offered €170 million in mortgages already this year. That is three times what it provided last year. Its balance sheet is now approximately €30 billion, which is one of the criteria required to be met for entry into the Single Supervisory Mechanism. We hope Permanent TSB can continue with its consolidation and provide another competitive option for Irish consumers.

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