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

I hear Mr. Masding. He made similar comments before and there has been some progress, but it remains the case that a MVR customer is paying 0.5% more than a new customer. There are also differences for fixed-rate customers. PTSB's three-year fixed interest rate offering to an existing customer is 3.7%. For a new customer, it varies between 2.85% and 3.1%, depending on LTV ratios. That is a difference of up to 0.85%, which is significant.

I will repeat a point I have made in the past. Regarding the MVR, the bank is only allowing customers to submit a valuation and avail of a reduced MVR once. To my knowledge, PTSB is the only bank that continues to restrict the ability of customers to do that to just one occasion. Other banks allow customers to continue updating their LTV ratios and benefit from reduced interest rates. That is unfair. From a consumer protection point of view, it is an issue that the bank should move on before it is possibly forced to do so by the Central Bank. I do not know whether Mr. Masding wishes to comment on these points before I continue.