Permanent TSB criticised for interest on variable rate mortgages

Permanent TSB criticised for interest on variable rate mortgages

Permanent TSB is coming under fire for charging more than 5% interest on its variable rate mortgages.

That's despite the ECB rate being just 1%, and another state-owned bank AIB charging just over 3%.

During a private members motion in the Dáil tonight, Fianna Fáil's finance spokesperson Michael McGrath said the bank can afford to lower the rate for existing customers:

"I have to put it to the minister, how is it that Permanent TSB can afford to offer new customers who get a standard variable rate of 3.7% whereas their existing customers are being charged 5.19%. I think that highlights very clearly that the cost of funds is not the issue given that they are offering 3.7% to new customers who sign up to standard variable rate ".

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