PERMANENT TSB IS to cut its interest rate by 0.5 per cent, benefiting more than 74,000 residential mortgage customers.
The move means a customer with a mortgage of €200,000 will see a reduction in their monthly mortgage repayments of €52.
The newly-appointed chief executive of the bank, Jeremy Masding, also confirmed that the bank will keep all lending rates under regular review.
PTSB said the cut will move the bank closer in line with the rates available from competitors. The bank has been criticised for its standard variable rate, which is among the highest in the country.
The drop will see the bank’s standard variable rate drop from 5.19 per cent to 4.69 per cent from 14 May.
Masding said the move was part of a strategy to create a new, viable banking business focused on the retail market. The bank last week welcomed the government and Troika’s approval of its restructuring plan which it says will ‘carve viable business’ out of the current bank.
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