Brendan Burgess
Founder
- Messages
- 52,204
However banks are getting stung in 2 years. Thats when Mortgage Interest Relief goes and Variables increase by 1800 more a year. It will be keys back time then for hundreds of rural customers.
Shock horror - the ECB refuses cannot act outside its legal mandate.
there is no need for the ECB to provide a commentary.
You might think that there is no need. But nor is there any restriction on them doing so.
Monetary policy is being transmitted through half the borrowers. The other half are being fleeced.
Apart from the inherent unfairness of forcing some consumers to recapitalise the Irish banks, it does damage confidence in the banking system and that should be a matter of concern for the ECB.
What exactly do people expect Banks ( Commercial Organisations with Shareholders ) to do ...drop Variable Interest Rates and reduce their profits ...? ... really ...!!! ... that might make perfect sence from a social point of view but commercially they'd be mad not to exploit the current lack of competition in the irish mortgage market. Its the same with Deposit Rates ... why should they pay out good rates when they dont need to. Sorry but these are the facts ...business is business.
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