Complain a bit on an Internet forum.So what are we going to do?
The ECB will never grant loans or accept retail deposits.Long term, everyone will have an account with the ECB with an app for deposits and loans.
"This report examines the issuance of a central bank digital currency (CBDC) – the digital euro – from the perspective of the Eurosystem. Such a digital euro would be a central bank liability offered in digital form for use by citizens and businesses for theirThe ECB will never grant loans or accept retail deposits.
From the same report:Such a digital euro would be a central bank liability offered in digital form for use by citizens and businesses for their
retail payments. "
While the Eurosystem would always retain control over the issuance of a digital euro, supervised private intermediaries would be best placed to provide ancillary, user-facing services and to build new business models on its core back-end functionality. A model whereby access to the digital euro is intermediated by the private sector is therefore preferable.
My mortgage is with a phoenix securitization. Has been for many years.As a KBC customer last month my mortgage direct debit changed to Pheonix 7 from the regular KBC, this was reported on in the independent. I received a text message saying it was just an error and nothing was unchanged, but I wonder if this was the bank engineering towards the sale. If they have secured 33k mortgages and raised cash by selling an RMBS on the bank of it, that would mean that these mortgages couldn't be transferred to BOI unless BOI just becomes the servicor i.e. the collector of the payments?
From research by this publication, it appears that there are 33,000 mortgages worth €5.9bn that were bundled together, securitised and called Phoenix 7. In what is a highly technical piece of financial engineering, KBC Bank Ireland ownership of the mortgages transferred to another entity within the wider KBC Group.
Details on the RMBS
It's drafted by the lawyers.It has "intention to explore a route that could potentially lead to" which sounds as non-commital and vague as you can get.
I have an opinion piece in today's Irish Times
Exits of KBC and Ulster Bank leave other banks free to hike rates
Mortgage market must be more attractive to foreign lenderswww.irishtimes.com
Least worst
While Irish banks have a lamentable record in their treatment of customers, the two banks who are leaving are the least worst. Neither discriminated between new and existing customers. Whatever rates they offer to new customers, they also make available to existing customers. So, when KBC reduces mortgage rates to attract new business, their existing customers benefit from such a move.
Bank of Ireland and PTSB have separate rates for new and existing customers. If a Bank of Ireland customer wants a competitive rate, they must switch to another bank. But most customers are too busy or too lacking in financial knowledge to undertake the arduous job of switching to another lender.
...
The Government needs to take radical action to make the mortgage market more attractive to foreign lenders. They must ban cash backs immediately and they must reform the legal system so that any lender considering entering the Irish market can be sure that they will be able to get their money back if the borrower refuses to pay.
Isn't this more or less what happens with a PIA?A change to easier repossessions, with normal safeguards for critical cases, should be accompanied by new rules which discharge the full debt once the asset is taken by the bank.
American banks can repossess the asset fairly easily, but that is the end of the borrower's obligation.
American banks can repossess the asset fairly easily, but that is the end of the borrower's obligation.
This is a common misconception. It applies in some states but not all states.
And rates are much higher and LTVs are much lower in those states which have non-recourse mortgage lending.
The vast majority of Irish borrowers are responsible.
We want to pay our mortgage even when it's a struggle.
We don't want to pay an additional 2% and be obliged to get a 30% deposit because a small minority want to borrow the money and not pay it back if the value of their property falls.
Brendan
So, why not give people the choice. A higher interest rate, but knowing that only the asset will be surrendered to meet their obligations.
The Celtic Tiger crash saw tens of thousands of Irish people owing 400k or 500k on houses worth less than 100k.
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