Oireachtas Joint and Select Committees

Tuesday, 9 April 2019

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB

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

I see that 27% of PTSB's mortgage accounts continue to pay a SVR of 4.5%, which is an insane rate for anyone in this day and age, given the market conditions that have prevailed for a number of years. This relates to 34,700 customer accounts. While that number is lower than it was in previous years, it is still over a quarter of the bank's mortgage book. Will Mr. Masding outline to the committee the work that PTSB is doing to bring to the attention of all those customers the fact that every single one of them is entitled to an immediate rate reduction, one that could get customers an MVR of between 3.7% and 4.3%? Compared with the higher rates that customers are charged, many of them could avail of a 0.8% reduction. What is the bank doing to bring this to their attention even though it may not be in its financial interests to do so?


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