Consumers are increasingly conscious of the environmental impact of the products and services that they buy. Permanent TSB wanted to develop a set of financial products that would meet the demands of this emerging market segment.
In February 2007, Permanent TSB launched Ireland's first green loan. A €10m fund was made available to facilitate customers borrowing money to improve the energy efficiency of their home. This was the first scheme of its kind to be launched by any bank in Ireland.
- Products that qualify for a Green loan include insulation, double/triple glazing, solar energy systems and pellet/wood chip boilers
- The scheme offers a 1% discount against standard personal loan rates
Customers receive a book of discount vouchers including:
- 5% off installation of Cosycel insulation, which is manufactured from recycled paper and is fire and pest resistant and non irritant to handle and touch
- 5% off heat pumps, solar panels, wood boilers and under floor heating from Energymaster
- €1,000 off a Shomera, a wooden living space
- 10% off a greenhouse from the Botanic Greenhouse Company
- The company also plants a tree in the name of the borrower and managed through the Tree Council of Ireland
- Additional green products planned include a green mortgage and a green car loan
- Developing a set of product offers that would be attractive to consumers
- Identifying the initial level of funding to meet prospective demand
- Enhanced reputation for being innovative and for being environmentally responsible
- The availability of these products can attract business from new customers who are themselves environmentally responsible
- Customers meet their financial needs and benefit the environment