Mairéad McGuinness gets financial services portfolio

I wonder could we use this in any way to highlight the continued high mortgage rates in Ireland?

Brendan Burgess said:

I wonder could we use this in any way to highlight the continued high mortgage rates in Ireland?

Mairead McGuinness named as Ireland’s European commissioner, given ‘important financial portfolio’

Long-serving Fine Gael MEP replaces vacancy created by resignation of Phil Hogan

www.irishtimes.com

Click to expand...

She is a capable woman but I wouldn't have thought the local banks are doing anything illegal, however greedy they are,..... unless there is collusion between the main lenders to keep rates high in which case it falls into Verstaghe's lap, no? She may make statements about it but I am not sure what powers she has to compel banks to lower rates.

Indo today

Charlie Weston
September 11 2020 01:31 PM
MORTGAGE rates in this country are more than double the average being charged in the Eurozone.
It means that a new home buyer is paying €80,000 more over the term of a typical mortgage than the average in the currency zone, according to brokers.

New figures show that interest rates on home loans here are the third highest in the currency zone.

Only lenders in Latvia and Greece charge more, according to the Central Bank.

The average rate on a new mortgage was up slightly to 2.82pc in July.

This is more than double the average for the euro of 1.35pc.

Irish mortgage rates more than double the average being charged in Eurozone

There is some talk of harmonising insolvency frameworks across Europe. Currently lending across borders is tricky because a bank needs to really know the ins and outs of the local law, and how friendly it is to lenders and borrowers.

Ireland, Greece, Latvia, all synomous with corrupt banking practices that were exposed following the financial crash in 2008.
This is just part of price we pay, this and high insurance.

WolfeTone said:

Ireland, Greece, Latvia, all synomous with corrupt banking practices that were exposed following the financial crash in 2008.

Click to expand...

More likely that Ireland and Greece make it very difficult to re-possess a PPR.

Charlie Weston writes the exact same bloody article every 6-8 weeks. Seriously, word for word and he updates the average rate. How the hell he gets away with it is beyond me.

The high mortgage rates are due to the high capital levels required to be held (RWA).

PebbleBeach2020 said:

Charlie Weston writes the exact same bloody article every 6-8 weeks. Seriously, word for word and he updates the average rate. How the hell he gets away with it is beyond me.

Click to expand...

He has a good eye for a consumer issue and sometimes highlights things of real importance.

But indeed, this stuff by now is just space filler and he never links it to the underlying causes: a small market and difficulty of repossessing collateral.

I could almost call out word for word his articles at this stage. He highlights it, but as you say, never gives the reasons for it or done solutions around it. Smacks me if pure laziness in his part and the Indo.