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

I welcome the fact that the bank is reviewing the issue concerning fixed rates. I hope it will lead to a decision and action. It is discriminatory. The best fixed rate the bank will offer its existing customers is 4.2%, whereas a new customer can potentially get a rate as low as 3.2%. If a new customer has a low LTV and signs up to a three-year new business rate, it will be as low as 2.95%. The bank is taking advantage of customers who are trapped and benefiting from their inertia. I have consistently made that point to Mr. Masding. It is a fundamental problem with the bank's business model. It might be that the bank cannot afford to treat those customers fairly. If that is the case, then there is an even bigger problem. If one goes back to question 9 on page 5, which Mr. Masding answered, it is an issue I raised before. The bank has 57,000 customers on a standard variable rate, SVR, of 4.5%. What is the blended cost of funds for the bank currently?