How do I monitor bank's Prime Rate ?

D

dovest

Registered User
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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 !
 
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.
 
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.
 
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.
 
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