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08/10/2008
Worldwide Rate Cut Eases Irish Finances
As world markets continue to tip-toe along the precipice of collapse, a world-wide rate cut has been put in place to put some distance between world finances and the edge.
On Wednesday morning, the U.S. Federal Reserve led a round of interest rate drops by a half a point reduction, as did the European Central Bank, Bank of England and Swiss, Canadian and Swedish banks.
Economists often use interest rates during economic downturns to re-energise markets and stimulate recovery.
The move has so far significantly boosted markets around the world with the index of top European shares down by 0.2% at 1,001.74 points, compared with losses of around 4% before the central bank move at 7:00am.
Fine Gael Enterprise Spokesman Leo Varadkar said however, that the rate cut must be passed on to homeowners in full.
He said: "This co-ordinated interest rate cut from the ECB, the US Federal Reserve and the Bank of England is very welcome and will provide much-needed relief to hard-pressed homeowners.
"However, it is essential that the new rate is passed on to homeowners as soon as possible, as homeowners with an average €250,000 variable rate mortgage would benefit by €105 a month.
He said banks would be saving €1.3 million for every day they fail to pass on the lower rate."
It is hoped that combined with the government's 'stabilising' move last week, guaranteeing bank assets, Ireland's low house prices could reinvigorate the housing market and speed the country's recovery.
(DW)
On Wednesday morning, the U.S. Federal Reserve led a round of interest rate drops by a half a point reduction, as did the European Central Bank, Bank of England and Swiss, Canadian and Swedish banks.
Economists often use interest rates during economic downturns to re-energise markets and stimulate recovery.
The move has so far significantly boosted markets around the world with the index of top European shares down by 0.2% at 1,001.74 points, compared with losses of around 4% before the central bank move at 7:00am.
Fine Gael Enterprise Spokesman Leo Varadkar said however, that the rate cut must be passed on to homeowners in full.
He said: "This co-ordinated interest rate cut from the ECB, the US Federal Reserve and the Bank of England is very welcome and will provide much-needed relief to hard-pressed homeowners.
"However, it is essential that the new rate is passed on to homeowners as soon as possible, as homeowners with an average €250,000 variable rate mortgage would benefit by €105 a month.
He said banks would be saving €1.3 million for every day they fail to pass on the lower rate."
It is hoped that combined with the government's 'stabilising' move last week, guaranteeing bank assets, Ireland's low house prices could reinvigorate the housing market and speed the country's recovery.
(DW)
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16 January 2009
Fine Gael Call For Interest Rate To Be Passed On
A Fine Gael's Enterprise spokesman has called on the Government to ensure the recent interest rate cuts are passed on to the Irish public. TD Leo Varadaker said all banks must follow the lead set by AIB, Bank of Ireland, Halifax and Ulster Bank by passing on the rate cut in full.
Fine Gael Call For Interest Rate To Be Passed On
A Fine Gael's Enterprise spokesman has called on the Government to ensure the recent interest rate cuts are passed on to the Irish public. TD Leo Varadaker said all banks must follow the lead set by AIB, Bank of Ireland, Halifax and Ulster Bank by passing on the rate cut in full.
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.
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.
11 December 2009
Ireland 'Could Leave Euro In 2010'
A leading UK bank has claimed Ireland could be the first country to leave the European Union due to its financial difficulties. The Standard Bank Plc said Ireland was among countries in an "intolerable" economic situation, which could lead to bailouts and exits from the euro region before the end of 2010.
Ireland 'Could Leave Euro In 2010'
A leading UK bank has claimed Ireland could be the first country to leave the European Union due to its financial difficulties. The Standard Bank Plc said Ireland was among countries in an "intolerable" economic situation, which could lead to bailouts and exits from the euro region before the end of 2010.
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.
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Ireland WeatherToday:Showers today, occasional north and west of Lough Neagh, but only a few isolated light outbreaks expected for Belfast and county Down where the best of the winter sunshine is expected. West to northwest winds brisk around the coasts. Maximum temperature 10 °C.Tonight:Showers focused across northern areas of the Province, with most in the south staying dry, with a frost developing for many here. Northwest winds fresh around the coasts. Minimum temperature 0 °C.
