ECB cuts interest rate to 1.25%

This hasn't really got anything to do with funding. More that the interest rate rises in EBS far above the ECB rises break pre election promises and contradict the govt reassurance that they are concerned about struggling mortgage holders. Instead they have steadily increased the burden on variable rate mortgage holders.
 
NorfBank said:
Permanent tsb bank has confirmed that it will pass on the reduction in full to customers on both Variable and Tracker Rate mortgages.
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LOL they have no choice but to pass it on to those with tracker mortgages, why do they even mention it ? LOL
 
NorfBank said:
That would be a pretty safe bet.
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The EBS is to reduce its standard variable interest rate by 0.25% from 4.93% to 4.68%, the bank announced today.
In other news National Irish Bank are to increase theirs by 1%.
 
falabo said:
LOL they have no choice but to pass it on to those with tracker mortgages, why do they even mention it ? LOL
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I've always wondered that too, it's not like they have any other option but to pass it on.
 
NorfBank said:

In other news National Irish Bank are to increase theirs by 1%.
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It will be interesting to see how things develop with this announcement as Enda Kenny has indicated he was prepared to consider introducing legislation to compel banks to adjust their rates accordingly. Michael Noonan also said last week banks must pass on the interest rate reduction to customers.
 
I have posted a table of the SVRs here.

AIB seems to be charging less on its mortgages than it is paying for some of its deposits. This makes no sense.

Although PTSB has passed on this rate cut and NIB has increased its rates by 1%, PTSB is still 1.5% dearer.

I just can't see that the government or the Central Bank has any role in telling banks to pass on rate cuts.

Brendan
 
Brendan Burgess said:
I have posted a table of the SVRs here. I just can't see that the government or the Central Bank has any role in telling banks to pass on rate cuts.
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I agree that in respect of Banks/institutions that have not availed of Gov support this type of action could be viewed as interference in the market. However where institutions have been given Gov support I would think that the Gov are entitled to exert some leverage in this & other areas.
To some extent it may be seen as unwarranted but dependency on public support whilst at the same time charging heavy margins on a sector of the same public could be seen as somewhat conflicting.
 
Anybody heard from Halifax/BOS yet in relation to the latest cut?
I have one of their price promise mortgages where the rate they charge will never be more than 1.5% above the ECB rate, so its due to come down in line with the last cut. Havent received any correspondance from them yet.
 
Just checked my account my Ulster bank Tracker mortgage was taken out yesterday November the 30th the amount was the same as usual so no cut has been made in my tracker? any one else expected there to be changed by now?
 
I haven't received any correspondence from PTSB to say that the repayment will be changing, which I was expecting to have received at this stage. Mortgage comes out next week so will update then.
 
bluemac said:
Just checked my account my Ulster bank Tracker mortgage was taken out yesterday November the 30th the amount was the same as usual so no cut has been made in my tracker? any one else expected there to be changed by now?
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My Ulster Bank tracker changed but it wasn't until late November so the change in the mortgage payment was minimal.
 
mine didn't change by a penny, in the old days you would have trusted the banks..
 
Relax, Got my letter today from PTSB for the main house, reduced to 2.6% from 2.85%. Only a small mortgage on this house, the BTL will be poking 6.9/6.7 % when it comes off fixed. Think it will be time to move that mortgage.
 
My BOI trackers changed today too.. got a letter from them about 10 days or so confirming cut.
 
Sunny said:
My Ulster Bank tracker changed but it wasn't until late November so the change in the mortgage payment was minimal.
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Im with Ulster Bank tracker also.. still havent received the cut.. my last mortgage payment came out of bank 27th November but still the same amount and no correspondence from them either.. must phone and see whats happening, did you get a letter Sunny?
 

Got one earlier this week. Can't remember the date that they said the cut was effective from though. I will check this evening.
 
I have not got an interest rate change letter yet from PTSB either and my monthly payment is 5th of each month. When rates increase PTSB always increase the monthly repayment asap. I wouldn't mind waiting a month if they were consistent and took the same time with applying increases and decreases.
 

Just an update. Still no letter received from bos. Rang a number in Scotland today to enquire what was going on? (call centre). The guy told me a letter was posted to me on the 30th November to inform me of rate reduction. As yet I haven't received it.

Mortgage was takenout today and there was no reduction. Its due on the 3rd of every month, but bing a Saturday this month,only left my account today.

Now by my reckoning, the ECB announced their rate cut and so BOS probably had 30 days maximum to pass it on, which would bring it up to November 3rd!

Hopefully the letter will arrive at some stage this week so I csn see what exactly it has to say.
 
you mean dec 9th.
it was announced on the 3rd but was not effective until the 9th
thus 30 days from the 9th is the 9th
 
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