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

I respect what the Minister is saying. It is of course important that the bank be supported. The State and our economy have a direct financial interest in Permanent TSB and its performance. However, I argue, as I have done before, about how certain customers are treated. If one takes the bank's managed variable mortgage rate for example, customers are only allowed to revise their rate once, even if their loan-to-value ratios have fallen very significantly. That is out of line with other banks. Similarly, Permanent TSB discriminates between existing customers and new customers in respect of its fixed rate offerings. In my view, that is not acceptable and should not be allowed. The bank also has a very high level of non-performing loans. I certainly want to see a long-term viable future for Permanent TSB, but the bank has significant challenges. It does not currently appear to be offering much competition in the marketplace. If the right approach was made with a view to Permanent TSB being acquired and used as a platform to introduce significant new competition to the Irish market, that approach should be considered.

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