ECB cuts interest rates by 0.5 points

No I assure you I asked their customer service team and they said no decision to announce yet, I will be seriously unimpressed if it is not announced tomorrow
 
From RTE


"Banks respond to the cut
AIB, Halifax, Ulster Bank, First Active, Permanent TSB, NIB, Irish Nationwide and EBS Building Society have confirmed that they are passing on the half a percentage point interest rate cut in full to their variable and tracker rate mortgage holders.


Bank of Ireland says it is passing on the interest rate cut in full to owner occupiers with variable or tracker rate mortgages. It has not yet made a decision on other mortgage rates for investors.


A Permanent TSB spokesman said the rate cut was being passed on in full as the real cost of bank borrowing on the interbank markets had come more into line with the ECB rate in recent weeks.


NIB said it saw 'little scope' to pass on any future rate cuts to variable rate customers 'given the requirement to balance the level of interest rates paid to deposit customers and the cost of market funding'."
 
Jody said:
No I assure you I asked their customer service team and they said no decision to announce yet, I will be seriously unimpressed if it is not announced tomorrow
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You are taking the p...! As mentioned earlier - cut is effective from Jan 21st. Give them a chance.
 
I am not stupid ! But every other bank announced something yesterday and I would expect that they along with half the planet knew that the ECB was meeting and therefore they know exactly what they are doing. I don't want money I just want information surely that's not too much to ask... Have you a connection ?
 
Jody,

You are right, they were slow the last time as well and it was predicted that it would happen so they should know what they want to do. What really annoys me is that there's no mention of what they are doing in any of the papers, which implies that everyone is benefiting from this when it may not be the case.
 
How exactly is Jody taking the p*ss? Everyone else was quick to announce it, why not KBC? Not like it was a closely guarded secret.
 
I'm on a fixed rate of 5.60 for next 2.5 years...I rang EBS this morning to enquire about moving to SVR....a penalty of 12,000 to change! Does this sound right to anybody?
 
How much is your mortgage? I rang to see how much it would be to get out of my fixed rate, 5.24, for the next 2 years. Outstanding amount is 95k, charge to break it was 1500 euro.
 
284k for 30 years, pretty much all outstanding as we just got it in Oct! Oh well, live and learn!
 
KBC customer service just confirmed that they are only passing on 0.25.
 
A previous poster says that First Active is passing on the rate cut to variable and trackers customers, however my husband said he heard on the radio that they were not passing it on to the offset customers??

Anyone know anything?

Caz
 
KK1 said:
KBC customer service just confirmed that they are only passing on 0.25.
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we cant really complain too much in fairness...we've all done well out of it since Oct...ive saved circa 840€ per month (2 mortgages) goin forward with the previous 3 and yesterdays rate cut....
 
cazmayo said:
A previous poster says that First Active is passing on the rate cut to variable and trackers customers, however my husband said he heard on the radio that they were not passing it on to the offset customers??

Anyone know anything?

Caz
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i can assure you the rate will be passed onto all the offset customers as it has been previously and as it will do in the future, as it is a tracker mortgage, so you will see a drop in the interest rate in the near future.
whoever was on the radio your husband heards was incorrect and should be shot.
 
Oh rameire, your an angel! You've made my day. Didnt know it was classed as a tracker. We are presently on 3.65 (not including this latest cut) so pretty happy with First Active.

Cheers
Caz
 
just remember to ring up to reduce your repayment, if thats what you want.

also know the rate reduction will be applicable to your offset mortgage from the 28th of jan.
 
DublinMo said:
we cant really complain too much in fairness...we've all done well out of it since Oct...ive saved circa 840€ per month (2 mortgages) goin forward with the previous 3 and yesterdays rate cut....
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Why not?
Pretty much every other bank is passing on the full 0.5%, so why not KBC?
Their Variable rate wasn't one of the cheapest before this cut, so it's pushed out even further now. Before the announcement the other day, I was on 3.74%. The best rate I could see was AIB @ 3.49, which is 0.25 points lower. That difference alone was costing me approx. €53 a month. Now that AIB have reduced their rate to 2.99% and KBC have only reduced theirs to 3.49%, it's gonna cost me an extra €105 a month to stay with them!:mad:

We're currently looking at maybe buying a new house, but now whether we do or don't, we're certainly moving from KBC.
 
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