ECB Rate Cut By 0.25% to 1%

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NorfBank

Registered User
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2,097
Let's see who passes it on...

PTSB have already agreed to pass it on to their variable rate holders. No surprise there.
 
It will be interesting. The government owned banks did a lot of huffing and puffing before passing on last one.
 
monore said:
It will be interesting. The government owned banks did a lot of huffing and puffing before passing on last one.
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BOI & UB did not pass on last one. A lot of pressure to pass on this time.

AIB's rate is at 3% already so they may not pass on this one (as already loweest in market, need to make some money, etc)
 
PTSB have said they are passing on a rate cut of 0.71 (which includes todays 0.25% ECB cut) to some of its variable rate customers, no elaboration fully on which ones.

If I get it (I can only hope I do...) it will be a help but I'll still be on an extortionate rate of interest in the market...
6.15% - 0.25% (previous ECB cut) = 5.9%
5.9% - 0.71% (fingers crossed) = 5.19%

....when my neighbour with the same mortgage but with AIB is paying 3%. Something not right about that picture.
 
Hi NorfBank,can you explain what you mean by PTSB cut by .71%?
Apologise for the lack of understanding, but this it mean they have cut their variable rates more than the .25% required or do you mean something else?
Thanks
 
thedaras said:
Hi NorfBank,can you explain what you mean by PTSB cut by .71%?
Apologise for the lack of understanding, but this it mean they have cut their variable rates more than the .25% required or do you mean something else?
Thanks
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PTSB will cut some variable rate customers by 0.71% (they have not stated exactly what ones). But they did state it would bring their rate down to 5.19% - which to me means customers who are currently on 6.15% variable, which will go down to 5.9% in their Jan payments (for Nov .25% reduction) and then down to 5.19% in Feb payment (for Dec .71% reduction). That is how I am interpreting who will get the 0.71% reduction (based on them ending up with 5.19%).

PTSB have some variable rate customers (I think) with a loan to value rate of < 80% on a rate 0.5% lower than their variable rate customers with a loan to value rate of > 80%. So it might be a case that they are aligning these two rates?? But again it's all guess work at the moment.

I assume it will only pass on the 0.25% to tracker rate customers.
 
Ok Kaza, I get it now,thanks for that.
But>>>

Ive just read on twitter that PTSB will reduce ALL variable rates to 5.19 %!!
 
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Its UB, old FA account, I believe they have 30 days to do it, and my last payment due was 25 days after so I guess it will be done on the 28th o December.. we will see.
 
bluemac said:
Its UB, old FA account, I believe they have 30 days to do it, and my last payment due was 25 days after so I guess it will be done on the 28th o December.. we will see.
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They will probably reduce what they are applying to your balance before they reduce the monthly payment. Big picture, it's when they start applying the new lower rate to your balance that counts, for many people though the cash flow impact of when it updates your monthly payment is more important.
 
Same with my PTSB tracker - we still are yet to receive the last deduction.
 
bluemac said:
ive still not got the last one given to me and im on an ECB tracker..
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HI Bluemac.. im with Ulster Bank also and only got the letter last monday 6th dec so 1st cut only being passed on in my payment 27th Dec..
 
last rate reduction was only applied to our tracker middle of November...delighted to hear another one so soon after the last one...brings me down to 1.75% which is a nice thing to hear before Xmas
 
Any news on KBC passing on the 2nd rate reduction. I know they have said they are passing on the 1st rate reduction.
 
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