ECB cuts interest rates by 0.5 points
- Thread starter sandrat
- Start date
From RTE
"Banks respond to the cut
AIB, Halifax, Ulster Bank, First Active, Permanent TSB, NIB, Irish Nationwide and EBS Building Society have confirmed that they are passing on the half a percentage point interest rate cut in full to their variable and tracker rate mortgage holders.
Bank of Ireland says it is passing on the interest rate cut in full to owner occupiers with variable or tracker rate mortgages. It has not yet made a decision on other mortgage rates for investors.
A Permanent TSB spokesman said the rate cut was being passed on in full as the real cost of bank borrowing on the interbank markets had come more into line with the ECB rate in recent weeks.
NIB said it saw 'little scope' to pass on any future rate cuts to variable rate customers 'given the requirement to balance the level of interest rates paid to deposit customers and the cost of market funding'."
"Banks respond to the cut
AIB, Halifax, Ulster Bank, First Active, Permanent TSB, NIB, Irish Nationwide and EBS Building Society have confirmed that they are passing on the half a percentage point interest rate cut in full to their variable and tracker rate mortgage holders.
Bank of Ireland says it is passing on the interest rate cut in full to owner occupiers with variable or tracker rate mortgages. It has not yet made a decision on other mortgage rates for investors.
A Permanent TSB spokesman said the rate cut was being passed on in full as the real cost of bank borrowing on the interbank markets had come more into line with the ECB rate in recent weeks.
NIB said it saw 'little scope' to pass on any future rate cuts to variable rate customers 'given the requirement to balance the level of interest rates paid to deposit customers and the cost of market funding'."
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You are taking the p...! As mentioned earlier - cut is effective from Jan 21st. Give them a chance.
I am not stupid ! But every other bank announced something yesterday and I would expect that they along with half the planet knew that the ECB was meeting and therefore they know exactly what they are doing. I don't want money I just want information surely that's not too much to ask... Have you a connection ?
Jody,
You are right, they were slow the last time as well and it was predicted that it would happen so they should know what they want to do. What really annoys me is that there's no mention of what they are doing in any of the papers, which implies that everyone is benefiting from this when it may not be the case.
You are right, they were slow the last time as well and it was predicted that it would happen so they should know what they want to do. What really annoys me is that there's no mention of what they are doing in any of the papers, which implies that everyone is benefiting from this when it may not be the case.
i can assure you the rate will be passed onto all the offset customers as it has been previously and as it will do in the future, as it is a tracker mortgage, so you will see a drop in the interest rate in the near future.
whoever was on the radio your husband heards was incorrect and should be shot.
Why not?
Pretty much every other bank is passing on the full 0.5%, so why not KBC?
Their Variable rate wasn't one of the cheapest before this cut, so it's pushed out even further now. Before the announcement the other day, I was on 3.74%. The best rate I could see was AIB @ 3.49, which is 0.25 points lower. That difference alone was costing me approx. €53 a month. Now that AIB have reduced their rate to 2.99% and KBC have only reduced theirs to 3.49%, it's gonna cost me an extra €105 a month to stay with them!
We're currently looking at maybe buying a new house, but now whether we do or don't, we're certainly moving from KBC.