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Help - What is this interest Rate?

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  • 03-11-2011 1:08pm
    #1
    Tgh
    Closed Accounts Posts: 3 ✭


    What is this interest rate?

    "Single A Bank over-draft rate charged from time to time during such period by the Irish Clearing Banks to Borrowers."

    Any help greatly appreciated.
    Tagged:


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    #2
    coylemj
    Registered Users Posts: 25,361 ✭✭✭✭coylemj


    AIB is 12.45% ...

    Scroll down to 'Overdraft' at this website...

    http://www.aib.ie/personal/loans/Personal-Lending-Interest-Rates

    Bank of Ireland is 15.9% ...

    http://personalbanking.bankofireland.com/current-accounts/overdrafts#rates-accordion

    The term 'clearing banks' refers to the main banks who clear cheques: AIB, BOI, NIB, Ulster and Permanent TSB.


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    #3
    Tgh
    Closed Accounts Posts: 3 ✭Tgh


    Thanks.
    I have a construction contract where the interest will be charged at 4% over whatever the Single A overdraft rate is. Therefore, there must be one rate that we can add to the 4% to determine what teh rate of interest due to the contractor is.

    I have looked at the clearing banks rates and they are all different. there must be a single rate that is common to all clearing banks otherwise the rate of interest is incalculable.


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    #4
    coylemj
    Registered Users Posts: 25,361 ✭✭✭✭coylemj


    Ask the people who drew up that contract. You've already figured out that there are different rates of interest so there is no single rate that can be used, you need to get it clarified by the other party.


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    #5
    Tgh
    Closed Accounts Posts: 3 ✭Tgh


    I called the CIF and the Law Society neither had a clue what I was talking about!
    The solicitor was able to get someone from his bank to confirm the rate.

    Thanks for your replies. Problem solved.


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