Hi,
Im posting this here as its deposit related but feel free to move it if its in the wrong forum.
Got a letter this morning from Bank of Ireland to advise due to an increase of the banks funding costs, mainly from customer deposits, they are changing the way they calculate their lending rate to businesses.
This means that I can expect an approx. .70% added to my rate. They have advised the rate will be calculated daily and is available in branches.
I do not have any deposit business with BOI, just lending, and I have long believed that the deposit market in Ireland is totally ridiculous, so now as a result of BOI pushing up retail deposit rates with their crazy 2 year savings paying 9% I have to pay more on my lending??
I also saw this morning on RTE that the regulator has told banks to stop increasing SVR rates, which is good in the short term, but what about deposit rates? SVR rates have increased in part due to banks overpaying on deposits...surely the regulator should be addressing this too?
Im posting this here as its deposit related but feel free to move it if its in the wrong forum.
Got a letter this morning from Bank of Ireland to advise due to an increase of the banks funding costs, mainly from customer deposits, they are changing the way they calculate their lending rate to businesses.
This means that I can expect an approx. .70% added to my rate. They have advised the rate will be calculated daily and is available in branches.
I do not have any deposit business with BOI, just lending, and I have long believed that the deposit market in Ireland is totally ridiculous, so now as a result of BOI pushing up retail deposit rates with their crazy 2 year savings paying 9% I have to pay more on my lending??
I also saw this morning on RTE that the regulator has told banks to stop increasing SVR rates, which is good in the short term, but what about deposit rates? SVR rates have increased in part due to banks overpaying on deposits...surely the regulator should be addressing this too?