Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The essential issue is that the tracker mortgages are haemorrhaging in terms of losses. The variable-rate mortgages might be marginally loss-making but if one is charging 1.75% on tracker mortgages, the losses there are absolutely enormous. I know the bank denies the claim that variable-rate customers are subsidising tracker mortgages but essentially they are. One would not need to charge as much if the trackers were not so low.