Up to €10bn of ILP mortgage books in trackers

Up to 40 per cent of Irish Life and Permanent’s €27 billion Irish home loan book is tied up in unprofitable tracker mortgages linked to the European Central Bank (ECB) rate, according to figures provided by the company.

30th August, 2008

Up to 40 per cent of Irish Life and Permanent’s €27 billion Irish home loan book is tied up in unprofitable tracker mortgages linked to the European Central Bank (ECB) rate, according to figures provided by the company.

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...

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