Written answers

Tuesday, 22 March 2016

Photo of Martin HeydonMartin Heydon (Kildare South, Fine Gael)
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71. To ask the Minister for Finance his contact with AIB and EBS in 2014 on their plans to introduce a tracker mortgage retention product for tracker mortgage customers of the banks who wished to trade up; when he became aware of AIB's plans for this product; and if he will make a statement on the matter. [4950/16]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, decisions taken by the banks including the introduction of new products such as AIB's Tracker Interest Rate Retention (TIRR) product, are solely a matter for the board and management of the relevant institution within the constraints imposed by their regulator, the Central Bank, and the law as it applies. The Relationship Framework Agreement defines the arm's length nature of the relationship between the State and the banks in which the State has an investment, and the AIB relationship framework agreement can be accessed here:

My officials were aware that the TIRR product was under consideration by AIB from the early part of 2014. AIB's intention to develop such a product was announced by the then CEO, Mr David Duffy, at the time of its 2013 Annual Results announcement on 5 March 2014.  The TIRR product was formally launched by AIB on 1 July 2014.

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