Ireland — 24 Jul. 2009
Statement by the Minister for Finance concerning the increase by Permanent TSB variable mortgage interest rates
The Minister for Finance, Mr. Brian Lenihan T.D stated: “I am disappointed by Permanent TSB’s decision to increase their variable interest rates but unfortunately this increase reflects commercial market realities including the increased cost of accessing funds.
The proposal to withdraw the State Guarantee from banks that increase their interest rate costs would mean even higher costs for mortgage holders. This illustrates the benefits of the State guarantee to mortgage customers. Permanent TSB are paying the State for the benefit of this Guarantee.”
ENDS