75,000 to benefit as Permanent TSB cuts variable interest rate by 0.5pc
LENDER Permanent TSB has cut its standard variable rate by 0.5pc for residential 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.”