I am a variable rate PTSB customer and I am paying 6.85% interest on my 25 year mortgage. My rate is due to reduce by .25% due to the recent ECB reduction announced on 3rd November 2011.
Approx. 3 weeks ago I wrote to Minister Noonan, Minister Quinn, Mr Matthew Elderfield. I also wrote to Ms Margaret Hayes and Mr Ray MacSharry who are both government appointed Directors of PTSB requesting them to press PTSB into reducing their variable rates to more reasonable levels. I highlighted the 3% variable rate differential between AIB and PTSB and pointed out that both are government owned and controlled.
I am in the process of making a complaint through the Financial Services Ombudsman. Last week I wrote to Shane Ross TD, Mick Wallace TD, Michael McGrath TD and FF spokesman on Finance. I called into my local TD's clinics where I met with a representative of Minister Lucinda Creighton of FG and a representative of Kevin Humphries TD of Labour.
So far Michael McGrath emailed back to say he was supportive and was examining international models where central banks intervene on bank’s interest rate policy.
My letter addressed to Ms Margaret Hayes and Mr Ray MacSharry was passed on to the Chief Executive of PTSB who wrote back to me confirming that he had to charge these rates due to the current high costs of funding being experienced by the bank. I was disappointed that both Government appointed Directors of PTSB did not deal with me directly on this issue and passed it on to the Chief Executive. I was hoping that they would have a different perspective on the matter seeing that they are public interest Directors.
Minister Lucinda Creighton’s office have confirmed they will forward my letter on to Minister Noonan.
Next week I intend to contact New Beginning and Walter Odlum solicitors of Protect Our Trackers to see if they are interested in or have any ideas to progress or move this campaign further.
The next ECB meeting is 8th December 2011 and if another rate reduction is announced presumably the media will begin their campaign to see what banks are passing on the rate reduction. I think this is an ideal time for all of us to highlight to all media and journalists about the variable rate interest differential between AIB and PTSB.
We need to organise a campaign on this and try to get traction. If we have numbers behind us I think we can succeed
Approx. 3 weeks ago I wrote to Minister Noonan, Minister Quinn, Mr Matthew Elderfield. I also wrote to Ms Margaret Hayes and Mr Ray MacSharry who are both government appointed Directors of PTSB requesting them to press PTSB into reducing their variable rates to more reasonable levels. I highlighted the 3% variable rate differential between AIB and PTSB and pointed out that both are government owned and controlled.
I am in the process of making a complaint through the Financial Services Ombudsman. Last week I wrote to Shane Ross TD, Mick Wallace TD, Michael McGrath TD and FF spokesman on Finance. I called into my local TD's clinics where I met with a representative of Minister Lucinda Creighton of FG and a representative of Kevin Humphries TD of Labour.
So far Michael McGrath emailed back to say he was supportive and was examining international models where central banks intervene on bank’s interest rate policy.
My letter addressed to Ms Margaret Hayes and Mr Ray MacSharry was passed on to the Chief Executive of PTSB who wrote back to me confirming that he had to charge these rates due to the current high costs of funding being experienced by the bank. I was disappointed that both Government appointed Directors of PTSB did not deal with me directly on this issue and passed it on to the Chief Executive. I was hoping that they would have a different perspective on the matter seeing that they are public interest Directors.
Minister Lucinda Creighton’s office have confirmed they will forward my letter on to Minister Noonan.
Next week I intend to contact New Beginning and Walter Odlum solicitors of Protect Our Trackers to see if they are interested in or have any ideas to progress or move this campaign further.
The next ECB meeting is 8th December 2011 and if another rate reduction is announced presumably the media will begin their campaign to see what banks are passing on the rate reduction. I think this is an ideal time for all of us to highlight to all media and journalists about the variable rate interest differential between AIB and PTSB.
We need to organise a campaign on this and try to get traction. If we have numbers behind us I think we can succeed