I thought that it was the arrival of RBOS?CCOVICH said:I'm not sure what drove the introduction of tracker rates, but I wouldn't be surprised if it was the advent of lower interest rates and subsequent cirticism of lenders for not passing on rate decreases.
Royal Bank of Scotland Ireland (RBOS) (now owners of the Ulster Bank Group) - not to be confused with [broken link removed] (BOSI). I think that RBOS were the first on the Irish market with tracker rate mortgages a few years back but perhaps I'm mistaken?nicky77 said:Clubman who are RBOS?? Is it Bank of Scotland Ireland you are referring to? They are not the same as RBS
Gavin cited Tracker Mortgages as an example of this. “Irish banks only
introduced Tracker Mortgages to this market when Bank of Scotland and Royal
Bank of Scotland offered them to Irish borrowers.”
Protocol said:Maybe 5 or 10 year ago, Bank of Scotland bought the ICC bank, and so entered the merchant banking business in Ireland.
They also offered mortgages by telephone. They offered good rates, and so shook up the Irish mortgage market. As a result, the domestic banks responded, and rates fell, and margins got tighter.
This year, after buying the ESB branch network, they are rolling out their new network of branches, and have launched more products, and new mortgages.
Totally separately, Royal Bank of Scotland (RBS) acquired NatWest, and so took over the Ulster Bank. They since bought First Active. RBS have never sold mortgages here under the parent company name, they sell them through UB and FA.
Marion said:They were accused of "cherry picking" the market at the time.
And what on earth is wrong with that?
It was more of a rhetorical question, I assumed that you were referring to media critcism of BoS at that time.Marion said:I'm not sure if you would like me to reply or if it is a rhetorical question. But, I can't see how I represented that there was something "wrong" with the activities of BoS at the time they introduced the tracker.
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