Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Permanent TSB recently announced that it is to raise its standard variable rate for mortgage holders. As the Tánaiste is aware, this bank is 100% State owned. It is introducing an additional charge so that the variable rate will move up to 4.5% from 9 June. No. 89 on the Order Paper is the Interest Rate Approval Bill, a Bill I drafted on behalf of Sinn Féin. This would require any bailed-out bank to seek approval of the Financial Regulator before changing a variable interest rate. Given that this will place a major burden on Permanent TSB mortgage holders, will the Government revisit the issue and look at the commitment the Taoiseach previously gave to give these powers to the Central Bank? On average it will cost a family approximately €480 for a €300,000 mortgage, which is a major imposition given that 17,000 mortgage holders with this bank are in arrears of 90 days or more. The Government has clearly stated it will do nothing about carbon tax, but hopefully it will stand in when a State-owned bank is again fleecing approximately 70,000 customers by hiking up its rate.

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