Permanent TSB to cut rates to depositors

Permanent TSB is set to reduce the rates its pays for deposits once the National Asset Management Agency (Nama) is up and running next year.

21st November, 2009

Permanent TSB is set to reduce the rates its pays for deposits once the National Asset Management Agency (Nama) is up and running next year.

Kevin Murphy, chief executive of the bank’s parent, Irish Life & Permanent (ILP), said last week the bank expected to see ‘‘some alleviation on the cost of deposits’’ next year.

Murphy, the former head of ILP’s life division who took over following the resignation...

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