Sinn Féin Finance spokesperson Pearse Doherty has welcomed the 0.5% cut in variable rate mortgage interest rates as a "welcome step in the right direction" but called on the bank and government to do more "to bring PTSB into line with other state owned Irish banks".

Deputy Doherty said: "For more than a year Permanent TSB customers on high variable rate mortgages have been calling for their interest rates to be brought into line with Bank of Ireland and AIB. Sinn Féin has raised this matter directly with the Minister for Finance and the governor of the Central Bank on numerous occasions.

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"This announcement by the bank to lower its variable interest rates by 0.5% is a welcome step in the right direction. However, given that PTSB’s rates remain significantly higher than the other main banks they need to go further.

"Sinn Féin will continue to raise this matter with the government and the Central Bank until PTSB customers are treated in the same way as those in other state supported banks."

(CD/GK)