This puzzles me - why take all the flak, put bank staff in the firing line etc - when, according to their CEO, on various TV & Radio outlets over the past week, the recent .5% interest rate increase on their variable rate mortgage will effect 50,000 customers (I take it he means accounts), and the average increase is around €13.75 per month.
This means they have just increased income by €8.25m per annum, less whatever costs they may have associated with this move. This seems a ridiculously small amount (in banking terms), and makes me question (again) Brian Lenihan's public defence of the move on the basis that "Unfortunately this increase reflects commercial market realities, including the increased cost of accessing funds"
Unless of course they have plans to continue on this path with several more hefty increases.
(Mods: Obviously posted in wrong forum, my error. Can you move into Mortgages etc please)
This means they have just increased income by €8.25m per annum, less whatever costs they may have associated with this move. This seems a ridiculously small amount (in banking terms), and makes me question (again) Brian Lenihan's public defence of the move on the basis that "Unfortunately this increase reflects commercial market realities, including the increased cost of accessing funds"
Unless of course they have plans to continue on this path with several more hefty increases.
(Mods: Obviously posted in wrong forum, my error. Can you move into Mortgages etc please)
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