Dublin South West TD Seán Crowe has described Permanent TSB as having a dreadful attitude towards its customers, because of its refusal to cut its 4.5% standard variable mortgage rate, and that it needs to change. Crowe stated that the banks 79,000 customers are clearly paying over the odds due to excessive charges.

Deputy Seán Crowe said:

“The bleak and uncaring message from the Chairman of PTSB was that the bank will continue to charge their standard variable rate to customers or what it can get away with, supposedly because of alleged losses the bank is incurring elsewhere.

“This is completely unfair on PTSB’s standard variable rate customers, who are paying way over the odds for their mortgages.

“PTSB told the Oireachtas Finance Committee a complete of months ago that its fund costs are only at 1.74%. Therefore there is no way that it can justify the 4.5% rate that it is continuing to charge its variable rate customers.

“The banks and their high paid executives might suffer from short term memory but their hard pressed customers along with tens of thousands of Irish taxpayers are still paying heavily for their previous errors of judgements.

“The issue of the supposed losses on tracker mortgages is a clear distraction, as variable rate customers would not be burden with paying for the bank’s losses on other loans, so they shouldn’t be burden with these losses either.

“Instead of being asked to foot the bill for these losses variable rate customers are being victimised and should be benefiting from any reduction in the cost of funds from the European Central Bank and the general improved market conditions, which have benefited the bank.

“This is just wrong and is taking advantage of a vulnerable group who have no real alternative and have to swallow everything the bank throws at them.

“PTSB’s attitude to their variable rate customers is absolutely dreadful and needs to change.

“The Minister for Finance and the Central Bank clearly need to wake up to what is going on in the industry and start reining in some of the excesses being carried out under their noses.”