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

When Mr. Masding appeared before the committee last September, I asked about the bank's approach to the managed variable rate, MVR, which was a welcome initiative when it was unveiled in 2015. I highlighted that the bank only allows customers to sign up to this rate once. Even as their loan-to-value ratio improves over time with reductions in their mortgage and increases in the value of their home, they are locked into the MVR they signed up to. Many customers justifiably feel that is unfair. I have received correspondence from a number of them who feel strongly that as existing customers they are not being rewarded for their loyalty to, and support of, the bank. They feel it is unfair they are locked into a LTV band for the remainder of the duration of their mortgage which could be another 15 or 20 years. In September, Mr. Masding said that that issue would remain under consideration and that the bank would continue to examine it, which is why I am raising it. What is the current position?