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.