Permanent TSB, the group’s banking subsidiary, withdrew from the tracker mortgage market last month following the sharp increase in interbank borrowing costs that arose as a result of the credit crunch.
It was one of a number of lenders to abandon tracker products. Many of these have become loss-making for banks, as customers have been guaranteed set margins over the ECB rate, resulting in lenders receiving less in interest from customers than it costs to fund their loans.
Continue reading from source: The Post.ie
