Permanent TSB to face rates grilling from Oireachtas finance committee

Permanent TSB to face rates grilling from Oireachtas finance committee

Permanent TSB chief executive Jeremy Masding

The chief executive of Permanent TSB will face a grilling from the Oireachtas finance committee today on their high standard variable mortgage rate.

Jeremy Masding and other senior figures at the state-owned bank will be queried about how the high rate has affected the rate of arrears on mortgages.

Labour TDs Kevin Humphreys and Arthur Spring have asked the bank to outline the relationship between mortgage rates and arrears.

Permanent TSB currently has one of the highest standard variable rates in the country at 4.34%, despite passing on combined rate cuts of 0.85% since May.

The two Labour TDs have submitted questions seeking details of the extent to which standard variable rate mortgages are are subsidising loss-making tracker loans and whether the bank will have to make further provisions to cover bad debts.

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