Permanent TSB chief executive Eamonn Crowley has said the bank will keep its rates under review, although it has no plans to pass on the ECB rate rise. Photograph: Fennell Photography 2022The main Irish banks are holding off, for now, on increasing variable or new fixed mortgage rates, following the European Central Banks’s decision on Thursday to hike official borrowing costs for the first time in more than a decade.
Bank of Ireland said the ECB’s decision to also ditch its 0.5 per cent charge on deposits that banks store with the Frankfurt-based institution will see the Irish lender cease to apply negative rates on €15 billion of its deposits. Bank of Ireland had been progressively widening the net of customers affected by negative rates in recent years and, as of the end of 2021, had applied negative rates on accounts holding at least €1 million.
The three non-bank mortgage lenders operating in the State, who are focused on fixed-rate loans and mainly source funding on bond markets, have each hiked near- to medium-term rates in recent months as market borrowing costs rose in advance of the ECB move. Ulster Bank, which is exiting the market and planning to sell off most of its loans to PTSB and AIB, is said to have no plans to raise non-tracker rates.
IrishTimes because they are already screwing customers on non tracker rates due to lack of competition & politicians & regulators not giving a shite…
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: businessposthq - 🏆 8. / 71 Read more »
Source: thejournal_ie - 🏆 32. / 50 Read more »