PTSB CEO appearing at Oireachtas committee this coming Wednesday at 2 pm

Status
Not open for further replies.

Brendan Burgess

Founder
Messages
38,108
STATEMENT BY KEVIN HUMPHREYS
Labour Party TD, Dublin South East
Wednesday 6th June 2012
PERMANENT TSB CEO INVITED TO ATTEND FINANCE COMMITTEE FOLLOWING HUMPHREYS REQUEST


I welcome the decision today to invite the CEO of Permanent TSB, Jermey Masding, to appear before a meeting of the Joint Committee on Finance, Public Expenditure and Reform on the 18th July, to discuss the standard variable interest rates his bank is charging to mortgage customers.


This follows my written request last month to the Chair, Deputy Alex White, and I commend him on his on-going work in holding the state supported Irish banks to account.


Permanent TSB’s interest rates have been an on-going issue for some time due to the large increase in the SVR that has been passed onto mortgage holders. Some mortgage holders have seen their rates nearly double since 2009 whilst the ECB rate has declined in the same period from 1.5% to 1%. PTSB has over €22 billion of loss making tracker mortgages so it would appear it is using its SVR loan book to cover these loses.


Whilst a 0.5% rate reduction was recently passed onto SVR owner occupiers, other mortgage holders in PTSB have not seen their rates reduced.


It makes little sense that a state supported bank is charging such high interest rates that is making borrower repayments unviable, even when the mortgage holder is committed to repaying the loan.



It is a self-defeating exercise if in the process of trying to return to profit, the bank makes its non-tracker loan book unviable through high rates on outstanding mortgages, whilst using generous deposit interest rates to attract savers.
ENDS
 

Brendan Burgess

Founder
Messages
38,108
Kevin has informed me that Jeremy Masding has accepted the invitation and will be appearing on July 18th.

This is a public hearing and those of you who are on SVRs should make a point of trying to fill the public galleries on that date. You will need to contact a TD or a senator to sign you in.

Brendan
 

Brendan Burgess

Founder
Messages
38,108
The starting time has not been set yet, but it will probably be 2 pm.

Put the date in your diaries.

Update - confirmed for 2 pm
 

itsallwrong

Frequent Poster
Messages
327
How to gain access to the Oireachtas Meeeting?

Does anyone know what the proceedure is to actually get into the meeting?
I am sure I can't just walk up on the day?
 

Brendan Burgess

Founder
Messages
38,108
Does anyone know what the proceedure is to actually get into the meeting?
I am sure I can't just walk up on the day?
You need a TD or a senator to sign you in.

It is very important that as many people as possible should attend. It is also important that you should ask your own constituency TD to sign you in and ask him or her to attend the meeting and ask a question.

It is particularly important if your TD is a member of the Finance Committee. You will find the full list of members here.

If, for some reason, you can't contact your own TD, Kevin Humphreys will sign you in. Email him at this address and his office will arrange it for you.

Kevin.Humphreys@Oireachtas.ie
 

reddanmm

Frequent Poster
Messages
260
I have sent an email to my local TD kieran o donnell with a few questions to ask especially the very high fixed rates options , 2 year fixed rate 7.25% and 5 year option is 8.75%and also the measly 0.1% they gave with the ecb rate cut .
They had said that they would cut rates further in the summer but did not think it would be that low . I also directed him to AAM if he needed to see the pain that posters have endured at the hand of PTSB.
 

angela59

Frequent Poster
Messages
594
I have sent an email to Michael McGrath, he is very good on this issue so hopefully he will speak up again. I have also sent an email to my local TD and to Kevin Humphreys, Heather Humphreys, Olivia Mitchell, Alex White, Michael Creed and Jim Daly.

Angela59
 

angela59

Frequent Poster
Messages
594
Had the following reply from Michael McGrath.

Hi Angela,

Thank you for your email.


I will be raising this issue tomorrow with Mr. Masding.

Regards,

Michael McGrath T.D.

 

angela59

Frequent Poster
Messages
594

Michael Creed, replied with the following:-


Angela,


Thank you for your e-mail.

I will be pursuing the issues raised by you with Mr. Masding.

From previous contact which I have had with the AIB, I understand that whilst their standard variable rate is the lowest on the market this will be increasing as their Mortgage loan book is loosing substantial money. Nonetheless, there is scope for further reductions in the TSB variable rate which is the highest in the market.

Thank you for your correspondence.


Yours sincerely,

Michael Creed T.D.
D il Deputy for Cork North West Constituency.

 

reddanmm

Frequent Poster
Messages
260
Well done Angela59 Kieran o donnell rang me this morning as i sent him an email i also directed him to Brendan and AAM. kieran tells me that he rang brendan so he is well informed going in to the meeting
 
Last edited:

mouse1

Frequent Poster
Messages
62
I emailed Pearse Doherty (Sinn Fein) yesterday, short notice but hopefully he will be there - can someone give feedback on this meeting please?
 
Status
Not open for further replies.
Top