PTSB may not increase interest rates

Permanent TSB chief executive Eamonn Crowley: The bank may not raise interest rates following next month's expected ECB hike. Photograph: Alan Betson / The Irish TimesPermanent TSB may not automatically raise interest rates following next month’s expected European Central Bank hike, chief executive, Eamonn Crowley indicated on Friday.

The lender’s shareholders backed its plan to buy €7 billion worth of mortgages and small business loans from departing rival, Ulster Bank, at a meeting in Dublin. Speaking afterwards, Mr Crowley said Permanent had yet to decide how it would respond to the ECB’s expected rise in wholesale borrowing rates.

“It depends on the pace, the size and the scale of any ECB increases,” he said. Mr Crowley added that Permanent and other Irish banks were likely to tread very carefully when it came to boosting mortgage and other borrowing charges. “We want to maintain our competitive position and be as competitive as we can be,” he responded when asked if his company would hold off on any interest rate increases.

Source: Loan Digest (loandigest.net)

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