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

I heard Mr. Masding's comments on fixed rates. However, his answer on the managed variable rate, MVR, issue is not good enough. The fact of the matter is that those customers are being unfairly locked into a particular LTV band even though their actual band has improved over time. This is unfair to customers who are willing to go the expense of getting an up-to-date valuation and submitting it to the bank. We have people who took out mortgages of €200,000 when the houses they bought might have been worth €250,000. Now, those houses could be worth €300,000 and their mortgages could be down to €100,000. However, the bank is not allowing them to revise the LTV band. Such a revision can make a significant difference. This is unfair on those customers. From what Mr. Masding said, the bank has no plans to do anything about that issue.