Kieran O'Donnell (Limerick City, Fine Gael)
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So the situation does not arise. The point I am making is that Ireland has a singular problem at the moment. We have a lack of competition in the market and we have banks that received taxpayers' money not passing on the lower cost of funds to the consumer in the form of lower rates.

In that context, I would welcome Permanent TSB's observations on the Irish market.

Historically, the view would have been that PTSB's tracker loan book comprised a significantly high percentage of the overall loan book, but just 40% of the overall loan book consists of tracker loans. The figure on tracker loans for Bank of Ireland is 58%, yet it has a net interest margin well over double that of PTSB. How many of PTSB's customers have switched from tracker loans to variable-rate loans, on which they pay an additional 1% over the lifetime of the loan? How many people have taken that option and has it been successful? If there was proper competition in the market, would PTSB reduce its mortgage interest rates?