How do I monitor bank's Prime Rate ?

[dovest]

I got a loan from AIB Bank about 2 years ago.

The interest rate quoted in the Loan Offer letter is "Prime Rate Varying plus 0.95% margin"

I have been paying interest on the loan ever since and the interest rate has been fluctuating up & down (mostly up !!).

However, I'd like to be sure that the bank is not overcharging me.

Does anybody know where I can find out AIB's Prime Rate on-line ?
(I don't want to have to call up on the phone every month).

Thanks in advance !

 

[ClubMan]

Is the prime rate here in Ireland/Europe not one of the ECB rates?

 

[dovest]

Hi Clubman,

No, I think the Prime Rate is a composite of the amount the bank has to
pay to borrow funds on the wholesale money market plus the cost of
maintaining a certain level of liquidity (the Reserve Asset Cost).

Presumably the bank publishes it's Prime Rate each week, when it
calculates it.

 

[Sunny]

I have never seen it published. I'm afraid you might have to ring your branch on a weekly basis to find out what it is.

 

[VOR]

I rely on finfacts.ie. They have a Euribor section on the right hand side of the home page which quotes BOI & AIB prime. http://www.finfacts.ie/Private/dbn/dbn.htm

 

[dovest]

Thanks very much VOR; that's what I was looking for !

 

[VOR]

Sorry dovest. I looked today and saw this:
"AIB Bank no longer publishes Prime Rate."

If I find another site I will let you know.

 

[markforsyth]

What about here:

[broken link removed]