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  • Permanent TSB trackers could be transferred to IBRC
Uncategorized
Feb 21, 2012 - 15:20

Permanent TSB trackers could be transferred to IBRC

The MyHome Newsdesk
By The MyHome Newsdesk
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Permanent TSB trackers could be transferred to IBRC

Plans to transfer €22 billion worth of loss-making tracker mortgages out of Permanent TSB are believed to be gathering pace again in a bid to get the bank back lending.

It is estimated that the bank is losing €400 million a year on the loans with AIB also said to been to offload their trackers.

The Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, is reported to be willing to take on the management of the tracker books.

If a deal went ahead it would not affect the terms or conditions for homeowners on tracker mortgages.

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An estimated 60% of Permanent TSB’s €37.5bn loan book is made up of trackers. These follow the ECB rate, meaning the rate can only change when the ECB rate changes.

Most Permanent TSB customers on a tracker mortgage would currently be paying a rate of around 2.25%, compared with the bank’s variable rate of 5.19% - a saving of €300 a month on a €250,000 mortgage.

MyHome.ie blogger Karl Deeter of Irish Mortgage Brokers predicted at the start of the year that banks would have loss making trackers transferred to a ‘bad bank’ to help them start lending again.

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<

  • Tags
  • AIB
  • Anglo Irish Bank
  • ECB
  • European Central Bank
  • IBRC
  • Irish Bank Resolution Corporation
  • Irish Mortgage Brokers
  • karl deeter
  • loss-making
  • MyHome
  • MyHome.ie
  • Permanent TSB
  • tracker mortgages
The MyHome Newsdesk
By The MyHome Newsdesk
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