SBP: Ulster: Deposit Rates Could Rise Further

[Lightning]

Mike Bamber, the chief executive of Ulster Bank, is interviewed in the Sunday Business Post.

He predicted that banks would continue to compete heavily on the deposit side.

"Clearly there is a new battle for savings", he said. As a result, he said deposit rates could rise further.

Ulster recently hiked their 1 year term deposit rate from 3.15% to 3.50%. Clearly they are considering other deposit rate increases.

From reading into comments by BOI, AIB and Ulster recently, it is very clear that Irish banks are under pressure to raise deposits and cut high loan to deposit ratio's back to 100%.

Depositors will benefit. Borrowers will suffer further.

 

[Kev]

Is the Ulster bank covered by the its parent bank the Royal Bank of Scotland and would people deposits be safe under the UK limit of cover of £50K.

 

[mercman]

84% owned by the UK Government. Whilst the UK is in a mess, I personally would prefer to take my chances with the UK rather that good old Ireland

 

[mercman]

OP, Good info thanks. Yesterday was the first Sunday in ages I didn't get the SBP. There is one thing quoting these deposit rates, there is also another matter getting them. Was the interview and the quoted rates related to sterling or Euro ???