A bank who wants clients should issue a tracker offering.

Trackers are dead and gone, there is one on the market but it’s at a margin so high that it is effectively worse than a bad variable rate. Evidence from the UK indicates that Co-Operative Bank’s tracker offering which is 2.39% tracker mortgage.

Will Irish banks follow suit? Probably not in the short term, when the market turns there will be some bank who have accumulated more than capital required and they will then turn this into lending, having said that, it will likely be a self underwriting product, one where the LTV is <= 50%, minimum of €200k borrowed but no more than €450/500k, and a qualifying income of €90k combined needed (stripped of overtime/bonus etc.).

If trackers come back I would be totally satisfied that they will operate as a client cherry picking operation more than anything, having said that, with time a competitor might follow suit!

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