Oireachtas Joint and Select Committees

Tuesday, 6 February 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Tracker Mortgages: KBC Bank

4:00 pm

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

Typically, Mr. Verbraeken is saying 1.25% above the ECB rate. Some of them today are paying 4.25%, a difference of 3% on their mortgage, nine years later. If they have a mortgage of €200,000 in simple interest terms, not annuity but simple interest, that is €6,000 a year of a difference in the interest. The impact of that over a period of up to nine years on those people is savage.

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