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

I welcome that Mr. Masding outlined in his opening statement that his focus in terms of mortgage pricing will be on the bank's existing mortgage customers. This issue has been discussed on several occasions by the committee. Permanent TSB is still treating its existing mortgage holders less favourably than its new mortgage customers. There is a difference of 0.5%, or 50 basis points, in its managed variable rate offerings. In simple interest terms, on a mortgage of €200,000 an existing customer would pay €1,000 more annually than a new customer. Why does Permanent TSB continue to punish its existing loyal customers and favour new customers?