Clare Daly (Dublin North, United Left)
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331. To ask the Minister for Finance the steps taken to address the failure of the Permanent TSB to pass on changes in the standard variable rate to customers, despite stating in July that it would do so, though no contact has been made with any mortgage holders by September. [31267/15]

Michael Noonan (Limerick City, Fine Gael)
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I have been informed by permanent tsb that following the initial announcement on July 1st which allows over 70,000 existing homeloan customers on Standard Variable Rate Mortgages of 4.5% to move to new mortgage interest rates which will start from as little as 3.70% dependent on the loan to value of the borrowers property, ptsb has worked as quickly as possible to get letters issued to the relevant customers. This two month implementation planning period was required to ensure a seamless process was in place to make this switch as easy as possible for the customer. PTSB has now issued over 70,000 offer letters to all of the eligible customers.

These offer letters were issued in 3 tranches from 1 to 14 of September and a "switch pack" included in the letter includes:

- A switch advisory letter;

- An application form including a stamped addressed envelope;

- A valuation voucher;

- A key information document;

A Terms and Conditions document

This offer will lead to reductions in monthly interest rates of up to 0.80% for many of the existing borrowers.  For example,  if the amount owed on a home is less than 50% of the value of the home today, the customer will be able to reduce their interest rate from today's SVR of 4.50% to the new MVR (Managed Variable Rate)  of 3.70%. It will also mark the first time in the Irish market that existing, as well as new home loan mortgage customers will be able to access more competitive rates of interest depending on the size of the loan relative to the current value of their home.