"Pressure on to force PTSB to cut mortgage rate"

Brendan Burgess

Brendan Burgess

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An excellent article by Charlie Weston in today's

REGULATORS and the Government will come under renewed pressure to get Permanent TSB to reduce its variable mortgage rate.


[broken link removed] has put down a motion in the Dail trying to embarrass the Government into forcing a reduction in the rates.


Permanent has the highest variable rate in the market at 5.19pc.
It cut its variable rates by 0.7pc in December, but its rate is well ahead of the next highest, Ulster Bank, with 4.75pc.


Permanent's rate of 5.19pc has been sharply criticised by Opposition politicians, homeowners and consumer advocates.


Payments on a €300,000 variable-rate mortgage are €300 a month higher than for the same-sized home loan on a tracker.


The Permanent TSB rate compares with a 3.04pc variable rate at AIB.
Now Fianna Fail finance spokesman [broken link removed] is to have a private members' motion debated in the Dail tonight and tomorrow night calling on the Government to force state-owned Permanent TSB to cut its variable rate.
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I had a response from TD Robert Troy saying he will support the motion in the Dail ...

"
Thanks for email. I will be speaking in favour of the motion tomorrow night and will be voting in favour of same. "
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The Irish Times reported on the [broken link removed]

It's quite interesting that a government TD thinks that the government should take a stand

Galway Labour TD Colm Keaveney said there was a strong case for intervention by the State either through regulation or through “political pressure”.
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this reply from Ann Phelan TD:-

Dear ,

Thank you for taking the time to contact me.

I will be attending this afternoon and will make a point of forwarding details of the motion to you. I would be happy to meet with you both, should you wish to discuss this matter in detail with me. My office is open Monday-Friday located at 18 Patrick Street, Kilkenny. However, due to the Daíl schedule, I can only be in the Kilkenny office on a Monday or Friday.

If you wish to speak with me, please contact Mag in my office by either email or phone number- 056 7756000.

Kind regards,
Ann Phelan TD,

and this from Brendan Smith
Dear

I will be speaking and voting in support of the Fianna Fáil Private Members Motion tonight.

Yours sincerely


Brendan

and this from Eamon O'Cuiv

I have already spoken in this debate and as the person who originally raised this question I have fully supported the motion. Éamon


This reply from Brian Stanley


Many thanks for your email. It is an issue I feel very strongly about. I will be speaking tonight in favour of the motion.

Feel free to contact me at any time.

Is mise,
Brian Stanley TD
Sinn Féin
Laois/Offaly


Angela59
 
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