ECB cuts rates again to 1%

cookie1977

The ECB as expected has cut rates to 1% (down a quarter).
http://www.bbc.co.uk/news/business-16082755

snubbleste

What about the suffering savers eh?

cookie1977

It's difficult to please everyone.

cookie1977

Permanent TSB had said it will pass on the 25 basis point rate cut to its variable rate mortgage customers.
http://www.rte.ie/news/2011/1208/ecb.html

chris85

cookie1977 wrote: »

Permanent TSB had said it will pass on the 25 basis point rate cut to its variable rate mortgage customers.
http://www.rte.ie/news/2011/1208/ecb.html

Thats good. This will help many homeowners out there.

tenchi-fan

cookie1977 wrote: »

Permanent TSB had said it will pass on the 25 basis point rate cut to its variable rate mortgage customers.
http://www.rte.ie/news/2011/1208/ecb.html

Big woop, they're still charging 5.55%! Compare that to AIB's 3% and you get an idea of how much PTSB are ripping off their customers.

cookie1977

tenchi-fan wrote: »

Big woop, they're still charging 5.55%! Compare that to AIB's 3% and you get an idea of how much PTSB are ripping off their customers.

True but if you're with them it's still better then no change or worse an increase.

helen1

Have Ulster Bank said whether they will pass the cut on

opinionated3

Rte news are reporting that ebs are passing on a cut of .35%.....great news but why the extra .10%? Maybe a typo on rte's fault? Hope its true.....

solerina

No, I saw EBS going down by 0.35% on the Irish Times web site too :-)

cookie1977

It's definitely a quarter percent cut:

http://www.forbes.com/sites/greatspeculations/2011/12/08/stocks-rise-after-ecb-rate-cut-jobless-claims/

AIB wont be passing on the cut to their variable rate customers unfortunately
http://www.rte.ie/news/2011/1208/ecb.html

It would be weird for EBS to go above and beyond the ECB but I'd say it's a typo maybe in the EBS press release, but hopefully not

Bank of Ireland said it would cut its variable mortgage rates by 0.15 points. The bank did not pass on November's quarter-point rate cut.
In a statement, it said its funding costs remained high and it would keep rates under review.
Irish Bank Resolution Corporation also confirmed that the full cut will be passed on to former Irish Nationwide Building Society variable rate mortgage customers.

opinionated3

cookie1977 wrote: »

It's definitely a quarter percent cut:

http://www.forbes.com/sites/greatspeculations/2011/12/08/stocks-rise-after-ecb-rate-cut-jobless-claims/

AIB wont be passing on the cut to their variable rate customers unfortunately
http://www.rte.ie/news/2011/1208/ecb.html

It would be weird for EBS to go above and beyond the ECB but I'd say it's a typo maybe in the EBS press release, but hopefully not

Bank of Ireland said it would cut its variable mortgage rates by 0.15 points. The bank did not pass on November's quarter-point rate cut.
In a statement, it said its funding costs remained high and it would keep rates under review.
Irish Bank Resolution Corporation also confirmed that the full cut will be passed on to former Irish Nationwide Building Society variable rate mortgage customers.

Ebs passing on .35% cut.....confirmed apparently. Good news for some of us although their variable rate is still one of the highest around.

marywary

tenchi-fan wrote: »

Big woop, they're still charging 5.55%! Compare that to AIB's 3% and you get an idea of how much PTSB are ripping off their customers.

AIB are actually still losing money on their variable rate of 3%. Not surprised they are not passing on this latest cut particularly as they absorbed a few rate increases earlier this year.

TimmyoTooleI

marywary wrote: »

tenchi-fan wrote: »

Big woop, they're still charging 5.55%! Compare that to AIB's 3% and you get an idea of how much PTSB are ripping off their customers.

AIB are actually still losing money on their variable rate of 3%. Not surprised they are not passing on this latest cut particularly as they absorbed a few rate increases earlier this year.

True but liquidty measures announced today should reduce the cost of funds for the banks. Any indication from me draghi as to wheter they will cut again? Fact the vote wasn't unanimous suggests they mightn't next month.

marywary

Doesn't look likely

TimmyoTooleI

marywary wrote: »

Doesn't look likely

Really? That's a balls, there wad talk during the week of them reducing to 0.5% over the next few months. Damn ecb!

cookie1977

It's hard to say for sure but I think they will if the euro is still going and under pressure as the markets seem to be demanding it.

Jamey_29

Anyone hear anything bout KBC passing on the cut to VR customers ?

Galwayguy35

Bank of Ireland arent passing it on either to variable customers i dont think. It must have nearly killed my friendly Bank manager to send me a letter about the last reduction as i am on a tracker.

TimmyoTooleI

Galwayguy35 wrote: »

Bank of Ireland arent passing it on either to variable customers i dont think. It must have nearly killed my friendly Bank manager to send me a letter about the last reduction as i am on a tracker.

Boi reducing vr by 0.15%

donaghs

helen1 wrote: »

Have Ulster Bank said whether they will pass the cut on

Apparently ignoring this rate cut too. Claiming because they are UK-based so don't need to follow ECB's lead. But that didn't stop them putting up rates in line with the ECB! Plus the Bank of England's rate is lower than the ECBs!