Hi Brendan, I'm not very techno savy, I'm going on Charlie Westons article in yesterday's indo, it was the lead story. The "if possible" bit I didn't see. There were a few more articles inside about it and as I said in my posting the other day it sounds promising but we won't believe it till we see the evidence. Everything in it says there are no more excuses for the banks, eg the reference to the admission by PTSB that theyre now making profit on trackers.Hi tony
I can't find the article online.
Can you provide a link or the title of the article.
The only thing I have seen is this article. Apparently, the deal just has bullet points:
■ A commitment to tackle high variable mortgage interest rates, including legislation if possible.
Brendan
Political gombeenery won't change rates. Competition will. Frank Money's rates will be circa 2.75%, which will force the existing banks to lower their rates.
Which is exactly the kernel of this issue! Nobody has come up with an option where any Government can effectively legislate on this issue. Pat Breen TD was interviewed on Morning Ireland today and the point was put to him as to how this issue would be implemented. He kicked it to touch and effectively it is aspirational only. No legislation will be introduced as it could be contested as restrictive and contested in the Courts.How will it force existing banks to lower the rates they charge borrowers who can't switch lender ?
How will it force existing banks to lower the rates they charge borrowers who can't switch lender ?
Why would anybody enter a market where the State can tell you what you can charge for your product?
Banks should be legally obliged to make any lower rates available to current customers and not just new business. In such a situation competition may well drive down rates for all.Frank Money's rates will be circa 2.75%, which will force the existing banks to lower their rates.
They consistently have done so and continue to do so!! SVR is effectively such a contract and at the moment is the only option available to all borrowers who don't fix their rates.Why would someone enter a contract where one party of the contract has complete control over the interest rate.
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