I think the apparent 80% of you who can switch,
Firstly I don't believe for a moment that 80% can switch products either within their current bank or to a different financial institution. I would really like to know where the Central Bank got this number from?In addition, if lots of people do it, it will help drive down rates because it puts pressure on banks to up their game.
Firstly I don't believe for a moment that 80% can switch products either within their current bank or to a different financial institution. I would really like to know where the Central Bank got this number from?
Surely there should be no-one with AIB overpaying
It's important to be clear about what the Central Bank actually said - that as many as 80% of non-tracker variable rate borrowers could make savings by switching to alternative products.
t's important to be clear about what the Central Bank actually said - that as many as 80% of non-tracker variable rate borrowers could make savings by switching to alternative products.
It's important to be clear about what the Central Bank actually said - that as many as 80% of non-tracker variable rate borrowers could make savings by switching to alternative products.
I don't get your point here. Why are you underlining could?
What is more interesting to me is understanding why this is the case.
Is it simply down to consumer inertia; a lack of knowledge or understanding of the savings that can be made by switching; a fear of a better deal subsequently coming on stream; a residual fear of being duped or tricked by the relevant financial institution or something else entirely?
You would also wonder why the CB has not figured out why as many of 80% have not switched.
Again, I would also love to see the Central Bank's data/analysis. However, the Central Bank certainly should be in a position to make a good estimate given the huge amount of data that is reported to them by the banks.
If they truly believe that competition and switching is the answer, why not invest some resource into working out what the real or perceived blockers are to people switching and address them properly.
Let's see what is produced out of it. I wonder will it address the root causes of why people are not switching?Apparently the Central Bank are researching the whole area of mortgage switching and hope to complete this exercise early next year.
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