Mortgage with Fingal County Council - no notification of increase rate decrease

bought my affordable house though fingal county council over 5 years, have had no notification of change in mortgage due to interest rate decrease, has anyone heard anything?

Got letter two days ago, new intrest rate half a point will kick in from the 1st of January, between 40-50 euro less.

Has anyone (Fingal or otherwise) received notification of the second ECB rate decrease?

South Dublin will be passing on the first .5% decrease on December 1st, I received an e-mail from Michael Finnerton's (Minister for Housing, Urban Renewal and Developing Areas) Office today stating:

"Arrangements are being made by the HFA to further adjust interest rates
in line with the second recent rate cut announced last week by the ECB"

So hoping that the letter will arrive pretty soon and that it will be effective from Jan 1st!!!??? Have to say this response came after I had sent e-mails to all TD's in my area and John Gormley's office (who passed the query to M. Finnerton) the only response I received were from TD's Finnerton and Gormley....I do love to have a reason to explain why I won't be voting for them if and when they come knocking on my door during election times, petulant it may be but I do feel having my correspondance ignored could count as one.

Finneran confirmed in the Dáil yesterday that the second ECB decrease will be passed on as of January 1st.

However he went on to say this:

In general, following consideration by the Board, the Agency’s rates are normally adjusted in line with movements in ECB. However, given that the correlation between ECB rates and interbank rates (i.e. the rates at which the Agency itself borrows) is atypical and volatile at present, the Agency in responding to movements in ECB rates, must give careful consideration, on each occasion, to the fluctuating relationship between its lending rates and the cost of funds.

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Maybe I'm just being paranoid, but this sounds to me like a warning not to expect any further decreases no matter what the ECB does.

I was actually starting to think that i imagined hearing about the 2nd rate decrease! We're due to move into our house next month and the original rate we went with was 5.38% variable - with the first decrease it went down to 4.88%. Then when i heard the 2nd one i thought, brialliant, its down to 4.38% because the bank said they'd pass on the full drop! But checking EBS website, there's nothing there about it and our mortgage advisor is still working off the 4.88% rate!!

Brooklyn said:

Finneran confirmed in the Dáil yesterday that the second ECB decrease will be passed on as of January 1st.

However he went on to say this:



Maybe I'm just being paranoid, but this sounds to me like a warning not to expect any further decreases no matter what the ECB does.

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Yeah, I'd imagine that is what they are warming up to. However it will be interesting to see if and when there are future ECB decreases and the Government comment or put pressure on the Banks to decrease interest charged to their Customers and the agency doesn't respond similarly?