Written answers

Tuesday, 16 October 2012

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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To ask the Minister for Finance further to the offer made by Permanent TSB in April 2011 to its tracker mortgage borrowers to pay down €5,000 or multiples thereof from the principal outstanding on the mortgage in return for a 10% reward, the number of borrowers that responded to the offer and the total amount paid down on tracker mortgages through the scheme. [44285/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I am informed by PTSB that in May 2011 it launched an incentive scheme to encourage customers to overpay on their tracker mortgages. The scheme operated by rewarding customers who made payments against their tracker mortgages which were above their normal scheduled repayments for that mortgage. Bonus payments of 10% of the “overpayment” amount were made to eligible customers. I will arrange for the terms and conditions of the offer to be sent to you separately. I am informed that the scheme ran from May 2011 to August 2011 and that during the period 3,287 customers made extra payments under the scheme and the total amount of these extra payments came to €132.8 million.

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