Tracker / Variable rate questions

J

JJ1982

Registered User
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202
Hi,

Is it just me or is there a lot of repetition on this forum regarding the passing on of interest rates in the last few weeks? I find that a lot of the post have the same advice and there is a lot of doubling up.

Just my two cents, i am aware it is topical so feel free to berate me and delete my post:eek:
 
JJ1982 said:
Hi,

Is it just me or is there a lot of repetition on this forum regarding the passing on of interest rates in the last few weeks? I find that a lot of the post have the same advice and there is a lot of doubling up.

Just my two cents, i am aware it is topical so feel free to berate me and delete my post:eek:
Click to expand...

No need to feel the slightest bit embarrassed JJ, it is true that there are a number of posts which could be deemed to be repetitious.

However, since this is the first ECB Interest Rate reduction since June 2003, and given that there were no less than 9 increases in the period Dec. 2005 to July 2008, from the historic low of 2% to 4.25%, and that each and every one of those increases were passed on as soon as physically possible, in the next payment, by my provider, Ulster Bank, you can understand why I and others are upset.

Conversely, the very first reduction since 2003 has not been passed to customers in the same fashion by UB and other banks, but has been delayed to the last possible date.

Surely there is a case to be answered by these institutions, who have benefited from bail-outs by Irish and UK Taxpayers.

These institutions have not got their own houses in order, and have caused the biggest slump/depression in a century, by the greedy policies they have pursued, to ensure that their so-called top people continued to make outlandish and undeserved bonuses.

They continued to feed a Bubble in the Housing Market in Ireland, when it was patently obvious it was no longer sustainable.

They have caused devastation in the ecomonies of Ireland and other countries.

And now they want us to sit like mice and accept their dishonest and inconsistant policies regarding interest cuts which are supposed to stimulate economic activity.

Just my two cents worth :)
 
Can we stop using all these emotionally-charged words when describing banks like "scum" and "dishonest"? They seriously weaken any point. Even if the point is valid, seeing this sort of language used incorrectly makes me switch off. A bit like overly dramatic tabloid headlines. Or claiming you were "ripped off" because someone charged you more for a product than the next shop, even though the price was clearly labelled.

In the context of passing on rate cuts far more slowly than rate hikes, I'm not aware of any bank doing anything dishonest in this. I don't work for any bank - I'm a self-employed sole trader - but I've read the fine print of loan offers from most Irish banks over the past number of years.

Should a bank pass on rate cuts as quickly as rate increases? Certainly, that would be good customer relations. Are they acting dishonestly by slewing the timing in their favour? No, as long as they don't breach the terms of the loan offer.

It is always possible to express your discontent with any person or company without reverting to inaccurate name-calling.
 
Hi,

This is my virgin post on aam.

Its more of a statement than anything else.
So, please don't crucify me if this has already been said.

I think the government should put some pressure on the banks to pass on the interest cuts as soon as possible.

WHY?
The Government could save afew bob if the banks were forced to pass on the ECB interest rates cut. I know once UB have cut my tracker by the 1% (oct and nov), the government should save about 40 yoyo a month.

regards,

Alpha
 
Sorry I was ment to say - to save 40 euro off mortgage relief
 
Dave Vanian said:
Can we stop using all these emotionally-charged words when describing banks like "scum" and "dishonest"? They seriously weaken any point. Even if the point is valid, seeing this sort of language used incorrectly makes me switch off. A bit like overly dramatic tabloid headlines. Or claiming you were "ripped off" because someone charged you more for a product than the next shop, even though the price was clearly labelled.

In the context of passing on rate cuts far more slowly than rate hikes, I'm not aware of any bank doing anything dishonest in this. I don't work for any bank - I'm a self-employed sole trader - but I've read the fine print of loan offers from most Irish banks over the past number of years.

Should a bank pass on rate cuts as quickly as rate increases? Certainly, that would be good customer relations. Are they acting dishonestly by slewing the timing in their favour? No, as long as they don't breach the terms of the loan offer.

It is always possible to express your discontent with any person or company without reverting to inaccurate name-calling.
Click to expand...

Hi Dave

If that was directed to me, can I reply.

I don't think I have used either of the words you quote in this thread, although I have used the scum-word in another post in a different thread, only after it had already been used.

In fact I said Pirate Scum, which I do not consider to be inaccurate.

If we had a proper democracy here, some of these people would be in gaol, and they certainly would not still be in their well-paid jobs.

I think you were offended on the Bank's behalf in that thread also.

Also, I did not say dishonest, "not one time", as Bill Clinton said.

Although, I would not necessarily disagree with that description either.

Is there anything I have said in the above post which is basically inaccurate or untrue?
 
as a matter of interest, with all this talk of tracker mortgages, I was led to believe they are pretty rare, and that only maybe no more than 20% of residential mortgages are trackers in the first place?
 
Dave Vanian said:
:confused:
Click to expand...

OK ya got me, just like my friend Bill :D

make that "just one time"

However, I know that Banks like BoI are paragons of virtue and honesty, and would not dream of being dishonest with the public or their customers.

Which of course is why they were first in to announce that they would be passing on the full 0.5% reduction to their variable rate customers. And they accepted the kudos and congratulations for this act of charity.

Of course, when it came right down to the actual implementation of the cut, it turned out to be a 0.3% cut which will be passed on.

See this thread.

Now, I wouldn't dream of calling these pirates dishonest.
 
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