Why have the govt forced AIB to drop interest rates and not PTSB?

Big Nasty · 13-03-2012 01:36PM #1

Fianna Fáil has accused the Government of abandoning 80,000 mortgage holders who are being "crucified" by high interest rates.
The party says standard variable mortgage holders in Permanent TSB are being charged interest at a rate of 5.19%, while the Government forced AIB to reduce its variable rate to 3%.
Finance spokesperson Michael McGrath said it was unacceptable that one State-owned bank should be forced to reduce its rates, while another was ignored.
He said he could not understand the difference in attitude towards the two banks, but suspected the Government prioritised AIB because of its market share and its higher visibility.
Deputy McGrath urged PTSB mortgage holders to contact Government TDs to urge them to support a Fianna Fáil private members motion, which is to be voted on tomorrow night, calling on the Government to use "all means possible" to bring rates down.
The motion also calls for greater efforts to increase lending to small and medium enterprises, and to help distressed mortgage holders.
Deputy McGrath said the Taoiseach and the Tánaiste admitted last week that they had not done enough on mortgages - and said he agrees with them.

http://www.rte.ie/news/2012/0313/mortgage.html

I'm one of those 80,000 and it's costing me an extra €300 a month. How do they manage to get away with this?:mad::mad::mad:

13-03-2012 01:37PM

MCMLXXV wrote: »

http://www.rte.ie/news/2012/0313/mortgage.html

I'm one of those 80,000 and it's costing me an extra €300 a month. How do they manage to get away with this?:mad::mad::mad:

Get away with what? Charging you what you signed up for?

govt meddling in the banks got us into this mess

sbsquarepants · 13-03-2012 01:38PM

Unfortunately you're not alone. The cúnts have sold us all out. :mad:

Logical Fallacy · 13-03-2012 01:39PM

FF are obviously concerned as they convinced everyone that their ridiculous mortgages were a good idea.

Dravokivich · 13-03-2012 01:41PM

Fianna Fáil has accused the Government of abandoning 80,000 mortgage holders

Well, wudja look at that...

Alright boys, thanks for not properly cleaning up the mess we landed you in, so we can give you a bit of a slagging in the press.

sbsquarepants · 13-03-2012 01:42PM

bluewolf wrote: »

LACK OF SUFFICIENT govt meddling in the banks got us into this mess

That's more like it.

Unfortunately though, when they finally did decide to act, they were so incompetent/corrupt/stupid they only made matters worse.

Big Nasty · 13-03-2012 01:43PM

bluewolf wrote: »

Get away with what? Charging you what you signed up for?

govt meddling in the banks got us into this mess

No, charging 2% more than every other bank.

MickySticks · 13-03-2012 01:43PM

MCMLXXV wrote: »

http://www.rte.ie/news/2012/0313/mortgage.html

I'm one of those 80,000 and it's costing me an extra €300 a month. How do they manage to get away with this?:mad::mad::mad:

Did Enda Kenny hold a gun to your head until you signed up for a mortgage? No he didn't so quit your whinging and pay back your loan!

Dyr · 13-03-2012 01:44PM

"at least I have my foot on the ladder now"
"renting is dead money"
"but 400k seemed such a fair price for a 3 bedroom semi built on a flood plain in meath"

In all fairness, f**k off lads.

Logical Fallacy · 13-03-2012 01:44PM

MCMLXXV wrote: »

No, charging 2% more than every other bank.

While i feel bad for the position you are in it's an unfortunate result of the contract that was signed.

I'd suggest some kind of effort to get people to contact their local TD or government representative.

no1beemerfan · 13-03-2012 01:46PM

The govt put our money into AIB and BOI so they have some control but didn't put money into PTSB so the fcukers can do as they will.

Myrddin · 13-03-2012 01:46PM

MCMLXXV wrote: »

Fianna Fail has accused

Thats where I stopped

benway · 13-03-2012 01:48PM

bluewolf wrote: »

govt meddling in the banks got us into this mess

Dial C for cognitive dissonance. Light touch regulation and the "magic of the markets" got us into this mess.

I'm still dying for one of you libertarians to explain to me how you would have dealt with the social consequences of letting the banks collapse?

But I do agree that we're getting the worst of all worlds at the moment - banks are riding roughshod over this country, it's a disgrace.

smash · 13-03-2012 01:48PM

Move mortgage provider.

Faolchu · 13-03-2012 01:50PM

MCMLXXV wrote: »

No, charging 2% more than every other bank.

but isnt that the contract you signed up to? did the current or for that matter teh previous government force you to sign on the dotted line? did teh government force people to over extend and become massivly in debt and in a large hole with negative equity? eh no coz ya see i bought my place at the height of the boom too, but i figured i'd buy small and not overextend myself to the pont that while i was on a decent wage i didnt have a pot to piss in. instead i figured i'd buy small and live comfortably. am i in negative equity now? yeah but not as bad as most people, do i blame teh government? no i blame myself for buying when i did after all no one forced me to buy a home, i could have rented and paid for someone elseses instead

arybvtcw0eolkf · 13-03-2012 01:51PM

MickySticks wrote: »

Did Enda Kenny hold a gun to your head until you signed up for a mortgage? No he didn't so quit your whinging and pay back your loan!

lol, gotta love AH sometimes

Faolchu · 13-03-2012 01:54PM

MickySticks wrote: »

Did Enda Kenny hold a gun to your head until you signed up for a mortgage? No he didn't so quit your whinging and pay back your loan!

i cant thank your post twice unfortunatly

Sindri · 13-03-2012 01:55PM

bluewolf wrote: »

Get away with what? Charging you what you signed up for?

govt meddling in the banks got us into this mess

Stop peddlin' your neo-con ideology like it were gospel.

Big Nasty · 13-03-2012 02:04PM

MickySticks wrote: »

Did Enda Kenny hold a gun to your head until you signed up for a mortgage? No he didn't so quit your whinging and pay back your loan!

Bambi wrote: »

"at least I have my foot on the ladder now"
"renting is dead money"
"but 400k seemed such a fair price for a 3 bedroom semi built on a flood plain in meath"

In all fairness, f**k off lads.

Look lads, I get how many people didn't buy houses in the boom and rented instead any you're all great lads with all that foresight but when y'all find the time to get down off your smug high horses you might just realise that there's a load of people in the sh1t right now and your comments don't help. I'm not complaining that I have to pay my mortgage, I'm complaining that I have to pay 2% more than I should have to. And to be frank, I could really do with that additional €300 a month in my pocket right now.

MickySticks · 13-03-2012 02:08PM

MCMLXXV wrote: »

Look lads, I get how many people didn't buy houses in the boom and rented instead any you're all great lads with all that foresight but when y'all find the time to get down off your smug high horses you might just realise that there's a load of people in the sh1t right now and your comments don't help. I'm not complaining that I have to pay my mortgage, I'm complaining that I have to pay 2% more than I should have to. And to be frank, I could really do with that additional €300 a month in my pocket right now.

2% rise means you pay €300 extra per month. So by my calculations you pay €15,300 per month for your mortgage?

blaze1 · 13-03-2012 02:10PM

MCMLXXV wrote: »

Look lads, I get how many people didn't buy houses in the boom and rented instead any you're all great lads with all that foresight but when y'all find the time to get down off your smug high horses you might just realise that there's a load of people in the sh1t right now and your comments don't help. I'm not complaining that I have to pay my mortgage, I'm complaining that I have to pay 2% more than I should have to. And to be frank, I could really do with that additional €300 a month in my pocket right now.

Fairplay

Some amount of high horses in this place today.

Look at me I'm great, I'm still renting/living at home with me ma/banker so I'm sorted anyway.

Delete as appropriate and f*ck off and get some decenacy.

A lot of people are in serious threat of loosing their homes which they have worked hard to get and maintain and have something for their future families.

Faolchu · 13-03-2012 02:10PM

MCMLXXV wrote: »

I'm complaining that I have to pay 2% more than I should have to.

why should you not have to pay it though? you signed the contract being of sound mind and knew what your side of the deal was.

dont get me wrong i sympathise and like most i struggle to make ends meet and would love surplus cash for multiple holidays etc. but I'm curious to know why people think the government are wrong not to intervene in what amounts to a contract between two parties?

MickySticks · 13-03-2012 02:13PM

blaze1 wrote: »

Some amount of high horses in this place today.

Look at me I'm great, I'm still renting/living at home with me ma/banker so I'm sorted anyway.

Ah its great. Get the dinner cooked and clothes washed as well.

SEPT 23 1989 · 13-03-2012 02:14PM

The more that people have to spend on their mortgages the less that goes into the real economy=more unemployment=more social welfare payments=more borrowing=economic death spiral

stovelid · 13-03-2012 02:17PM

bluewolf wrote:

Charging you what you signed up for?

I don't recall 'signing up'to pay hundreds of euro a month directly from my salary to support these banks either.

Maybe I missed the memo.

emo72 · 13-03-2012 02:17PM

MCMLXXV wrote: »

MickySticks wrote: »

Did Enda Kenny hold a gun to your head until you signed up for a mortgage? No he didn't so quit your whinging and pay back your loan!

Bambi wrote: »

"at least I have my foot on the ladder now"
"renting is dead money"
"but 400k seemed such a fair price for a 3 bedroom semi built on a flood plain in meath"

In all fairness, f**k off lads.

Look lads, I get how many people didn't buy houses in the boom and rented instead any you're all great lads with all that foresight but when y'all find the time to get down off your smug high horses you might just realise that there's a load of people in the sh1t right now and your comments don't help. I'm not complaining that I have to pay my mortgage, I'm complaining that I have to pay 2% more than I should have to. And to be frank, I could really do with that additional €300 a month in my pocket right now.

Lads yous are being way too hard here. How or why he ended up in that situation is irrelevant.

The problem here is he has little spare money to spend. All these people that are caught in this trap are lost to the real economy. Its all very well saying you got what you asked for. But that attitude wont help anybody.

As far as I remember we were all encouraged/scared into buying. Or else be left behind.

13-03-2012 02:17PM

MickySticks wrote: »

Did Enda Kenny hold a gun to your head until you signed up for a mortgage? No he didn't so quit your whinging and pay back your loan!

No but he has his hand around my balls .

WIZE · 13-03-2012 02:23PM

Deleted User wrote: »

No but he has his hand around my balls .

And you're lovin it

randombar · 13-03-2012 02:25PM

One question I have is when did Permanent TSB move from tracker to variable? I mean a good percentage of the people in serious negative equity have a tracker mortgage as they purchased before the crash, the majority of people who have a variable rate purchased during the crash no?? Got a cheaper place etc. etc?

smash · 13-03-2012 02:25PM

Even forgetting this, the government has abandoned mortgage holders because they still haven't implemented the promised higher rates of interest relief as outlined in the last budget.

Gurgle · 13-03-2012 02:26PM

MCMLXXV wrote: »

I'm complaining that I have to pay 2% more than I should have to. And to be frank, I could really do with that additional €300 a month in my pocket right now.

For convenience, I've split my response into 2 sections:
1) Arguing and 2) Trying to help.
Please read them as two separate posts, one from each of my boards personalities.

1) Arguing:
Whats the 'should' business about?
The state of this country's finances, we 'should' be hitting mortgage rates of 15%. Be grateful for the euro, suck it up and pay your bills.

2) Trying to help:
Arrange a meeting with your bank's mortgage advisor, they should be amenable to stretching the mortgage term out. That can knock a lot off the monthly repayments. Subject to diminishing returns, especially once you go past 30 years.

Why have the govt forced AIB to drop interest rates and not PTSB?

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