Permanent TSB on course to sign up 60,000 current account holders in 2005

PERMANENT TSB has signed up 12,000 new current account customers since new regulations were introduced to make it easier for consumers to switch banks.

The bank is on course to meet its target of signing up 60,000 customers this year, Irish Life & Permanent (IL&P) chairwoman Gillian Bowler said yesterday.

Permanent TSB has been marketing its free current account banking service heavily since the new code on switching was introduced earlier this year.

Ms Bowler told IL&P’s agm yesterday that trading at Permanent TSB and the company’s life insurance arms were “very satisfactory” with both businesses continuing to benefit from the strength of the economy and in particular the strong employment growth.

“In our core mortgage lending business, demand for residential mortgages continues to remain buoyant and the continuing downward trend that we are seeing in house price inflation is also very welcome,” Ms Bowler said.

She added that on the life side of the business, the strong demand in 2004 for pensions and savings products continued this year.

“There is no doubt that this has been helped by the clear public policy support and encouragement for individuals to save for their future pension and other needs and it is important, given the pension funding challenges we face, that this savings habit continues to be supported and developed further.”

Irish Life & Permanent is due to release a more comprehensive trading update towards the end of June.