LENDER Permanent TSB has cut its standard variable rate by 0.5pc for resident mortgage customers.
The cut will mean a reduction to 4.69pc from 5.19pc in the rate for 74,500 customers.
The bank’s new chief executive Jeremy Masding also said it will keep all lending rates under regular review. He added the move was part of the strategy to create a new, viable banking business focussed on the retail market following on from approval to do so from the EU/ECB/IMF troika.
“We are setting out to create a more competitive bank, that has a viable future in this market and that treats its customer fairly,” he said.
“This move is an important statement of our intent.”
The cut means that a person with a mortgage of €200,000, the reduction will mean a reduction in monthly mortgage repayments of €52.05.
A bank said a total of 74,500 customers will benefit from the move.
Mr Masding said that the move was part of the strategy to create a “new, viable banking business” focussed on the retail market.
He said: “We are setting out to create a more competitive bank, that has a viable future in this market and that treats its customer fairly. This move is an important statement of our intent.”
About time. More to do.They went a little further than 0.25% it seems at 0.5% but it's still not enough:
Michael McGrath on Drivetime credited AAM, amongst others, in this regard.Drivetime will be covering the story at 4.30 today.
Michael McGrath on Drivetime credited AAM, amongst others, in this regard.
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