Is the Central Bank telling the truth about interest rates at long last?

[Brendan Burgess]

Last month, the Central Bank told the truth, the whole truth, and (almost) nothing but the truth.

This month, it is doing the same.

[broken link removed]

"The weighted average interest rate on new mortgage agreements (excluding renegotiations) stood at 3.38 per cent in October. This represents a decline of 32 basis points over the past twelve months. The equivalent euro area rate was 1.74 per cent."

So they focus on the true rate.
And they publish the comparative euro area figure. I don't think that they had done this before last month.

They still publish the meaningless renegotiated figure, which is a pity. But don't bother highlighting a comparable Euro area figure.

Brendan

 

[aprentice]

In your opinion Brendan

Are intrest rates going to come down to a fair percentage in ireland anytime soon or will the banks carry on charging what they like.
We started with a morgage of €1670 in 2006 then as high as €2215 for a few years now were at €1910

In 2006 we were at a stretch at €1670, we were young and foolish and that was over 50% of our nett income ,crazy now when i look back.

If rates were a little fairer im sure it would have saved alot of marriages not to mention alot of lives.