Permanent TSB has announced interest rate changes for customers with variable rate mortgages.

More than 70,000 people with the home loans on rates of 4.5 per cent will move to new rates from 3.7 per cent.

The exact rate will vary according to how much customers owe and the value of their home.

It follows a series of meetings between lenders and the Minister for Finance in recent weeks.

Michael Noonan had given banks until today to address rates which he said were too high.