Menu
22/05/2015
Standard Variable Rate Charges Are Too High - Noonan
The Minister for Finance has told senior management of Ireland's six main lenders that Standard Variable Rates being charged are too high.
Michael Noonan TD has concluded a constructive series of meetings with the mangement which focused on the mortgage market and specifically the comparatively high standard variable rates currently being charged by the banks.
Minister Noonan stated: "There was agreement from all lenders that customers should have access to more competitive mortgage products as per my recommendation.
"The banks agreed to review their rates and products and, by the beginning of July, to have simple options to reduce monthly mortgage payments for SVR customers.
"Some of the potential products include lower standard variable rates for existing and new customers, competitive fixed rate products and lower variable rates taking account of loan to value for new and existing customers.
"In addition to the issue of rates I also outlined the need for greater competition in the market and the need for a more active and well-resourced campaign by the individual banks.
"This should focus on promoting awareness of their best offering and how easy it is for customers to take up new products and switch between different institutions if they wish to avail of better rates."
(CD/JP)
Michael Noonan TD has concluded a constructive series of meetings with the mangement which focused on the mortgage market and specifically the comparatively high standard variable rates currently being charged by the banks.
Minister Noonan stated: "There was agreement from all lenders that customers should have access to more competitive mortgage products as per my recommendation.
"The banks agreed to review their rates and products and, by the beginning of July, to have simple options to reduce monthly mortgage payments for SVR customers.
"Some of the potential products include lower standard variable rates for existing and new customers, competitive fixed rate products and lower variable rates taking account of loan to value for new and existing customers.
"In addition to the issue of rates I also outlined the need for greater competition in the market and the need for a more active and well-resourced campaign by the individual banks.
"This should focus on promoting awareness of their best offering and how easy it is for customers to take up new products and switch between different institutions if they wish to avail of better rates."
(CD/JP)
Related Irish News Stories
Click here for the latest headlines.
09 October 2008
Bank Of Ireland Agrees To Pass On Savings
The Bank of Ireland has confirmed it will pass on its savings from Wednesday's interest rate cut to its mortgage customers. The cuts will apply to standard variable rate and tracker rate mortgage customers. The new standard variable rate will be effective from Monday, November 3.
Bank Of Ireland Agrees To Pass On Savings
The Bank of Ireland has confirmed it will pass on its savings from Wednesday's interest rate cut to its mortgage customers. The cuts will apply to standard variable rate and tracker rate mortgage customers. The new standard variable rate will be effective from Monday, November 3.
01 June 2015
BoI Slammed For Keeping Standard Variable Rate At 4.5%
The Bank of Ireland (BoI) is being slammed for keeping its standard variable rate at 4.5%. The bank reduced its fixed mortgage rate, however it is refusing to cut its "ridiculous" variable rate and is instead effectively trying to force existing customers to lock in to a two year fixed rate, according to Fianna Fail.
BoI Slammed For Keeping Standard Variable Rate At 4.5%
The Bank of Ireland (BoI) is being slammed for keeping its standard variable rate at 4.5%. The bank reduced its fixed mortgage rate, however it is refusing to cut its "ridiculous" variable rate and is instead effectively trying to force existing customers to lock in to a two year fixed rate, according to Fianna Fail.
28 July 2016
Banks Results Highlight Need For Reductions For Mortgage Customers - FF
Recent financial results and trading statements of banks has highlighted the need for a reduction of interest rates for variable rate mortgage customers, Fianna Fáil Spokesperson on Finance Michael McGrath has said. "I note with interest that AIB has confirmed today that its net interest margin has increased by 16 basis points to 2.
Banks Results Highlight Need For Reductions For Mortgage Customers - FF
Recent financial results and trading statements of banks has highlighted the need for a reduction of interest rates for variable rate mortgage customers, Fianna Fáil Spokesperson on Finance Michael McGrath has said. "I note with interest that AIB has confirmed today that its net interest margin has increased by 16 basis points to 2.
14 October 2011
'Stop Raising Mortgage Rates' Says Elderfield
Banks have been asked to stop raising standard variable rates on mortgages in a bid to relieve the problem of mortgage arrears.
'Stop Raising Mortgage Rates' Says Elderfield
Banks have been asked to stop raising standard variable rates on mortgages in a bid to relieve the problem of mortgage arrears.
24 March 2015
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
-
Ireland WeatherToday:Scattered sleet and snow showers will turn increasingly heavy and more frequent in the afternoon across the north. Largely dry with sunny spells in the south, but showers spreading here towards the end of the day. Maximum temperature 4 °C.Tonight:Frequent, often heavy showers of rain, sleet and snow will affect most parts this evening and overnight, but are likely to be most frequent across the northeast. Minimum temperature -1 °C.
