Michael McGrath (Cork South Central, Fianna Fail)
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On the key issue of the rate that customers are put back on, the nature of a tracker mortgage rate is that the only variable element is the ECB rate, and yet AIB is reinstating customers at 3.67% and Permanent TSB at 3.25%, to which Mr. Kissane alluded. What could be the possible basis for them doing that? What could be the legal justification? If they are going to inevitably lose this battle, why would they decide to put customers back on rates that bear no resemblance to tracker mortgage rates?