Tracker rate with negative rates

[inittowinit]

I have a tracker with Permanent TSB fixed at 1.2% above the base rate. I only just noticed that I'm paying 1.2% interest but with interest rates at -0.5% surely I should be paying 0.7%?

Has anyone with a tracker been the benefit of the negative rates? I will call the bank but I'd like to have a bit of knowledge before I call.

 

[Lightning]

The ECB have 3 main rates.

The ECB deposit rate is negative. Tracker mortgages are not based on this rate.

The ECB refinance rate is 0.00%. Trackers are based on this rate.

 

[inittowinit]

The ECB have 3 main rates.

The ECB deposit rate is negative. Tracker mortgages are not based on this rate.

The ECB refinance rate is 0.00%. Trackers are based on this rate.

The ECB have 3 main rates.

The ECB deposit rate is negative. Tracker mortgages are not based on this rate.

The ECB refinance rate is 0.00%. Trackers are based on this rate.

Thanks for that Ciaran.