PTSB boss Masding faces interest-rates grilling

The head of Permanent TSB will today face questions about why the bank is charging higher interest rates for existing commercial borrowers than it is for new businesses.

Jeremy Masding is appearing before the Oireachtas Finance Committee later today, when he will also be quizzed about the bank's mortgage interest rates.

The bank cut its variable mortgage rates by 0.35% earlier this month.

Convenor of the finance committee, Labour TD Kevin Humphreys, said PTSB must stop penalising its existing commercial borrowers.

"Current customers are being penalised with higher rates than new customers," he said. "He has to give a fair crack of the whip to all his customers."