Ireland
Permanent TSB increases rates
Monday, 1 February 2010 09:25Permanent TSB is increasing mortgage interest rates from today.
The institution is increasing the interest rate on its standard variable rate mortgages by half a percentage point to 3.69%.
The bank had already raised its variable rate by a similar amount in July last year.
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The Government has given a commitment to introduce a scheme to help home-owners who are struggling to meet their mortgage repayments.
The Minister for Communications, Eamon Ryan, said the measures should be in place by the summer.
Up to 350,000 borrowers could be affected if other banks follow PTSB's lead.
Pat Farrell, Chief Executive of the Irish Banking Federation, said it was important that any measures to help lenders covered those who were most at risk financially.
