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ECB rate cut to 0.75% - will banks pass it on?

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  • 05-07-2012 1:59pm
    #1
    boatbuilder
    Registered Users Posts: 624 ✭✭✭


    ECB Rate has been cut to 0/75% today, apparently an historic low.

    It'll be interesting to see which banks pass this on.

    I am with Permanent TSB for my mortgage and I received a genuinely nice letter from them a couple of months ago, effectively stating their committment to making the TSB standard variable rates closer to the lower BOI/AIB rates.
    I wonder if they will honour their committments!

    Source: http://www.rte.ie/news/2012/0705/ecb-expected-to-cut-interest-rates.html


Comments

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    #2
    DriverMad
    Registered Users Posts: 153 ✭✭DriverMad


    I hope KBC / IIB pass it on too...


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    #3
    roro2
    Registered Users Posts: 412 ✭✭roro2


    AIB will not cut its variable mortgage rate as it is the lowest in the market, according to CEO this afternoon. (Tracker rates will obviously reduce by 0.25%).


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    #4
    digzy
    Registered Users Posts: 3,049 ✭✭✭digzy


    the only rate guaranteed to dip is the tracker. you can be sure the interest rate paid on deposit accounts will dip also.


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    #5
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    Ulster are passing on the cut.


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    #6
    stimpson
    Registered Users Posts: 7,821 ✭✭✭stimpson


    KBC say they haven't made a decision yet about variable rate mortgages.

    http://www.rte.ie/news/2012/0705/aib-wont-cut-variable-mortgage-rates.html

    Considering they refused to pass on the last cut, it will be very bad form if they refuse again.


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    #7
    boatbuilder
    Registered Users Posts: 624 ✭✭✭boatbuilder


    Fair Play to Permanent TSB, doing the decent thing at last.....
    Ulster Bank is to pass it on while AIB has said it won't, Permanent TSB has just confirmed that it is cutting its standard variable rate by 0.35%.

    Source: http://www.breakingnews.ie/ireland/noonan-encouraging-banks-to-cut-rates-558128.html


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    #8
    Drag00n79
    Registered Users Posts: 2,746 ✭✭✭Drag00n79


    boatbuilder wrote: »
    Fair Play to Permanent TSB, doing the decent thing at last.....

    I think that leaves the PTSB SVR at 4.34% - plenty of room for them to lower it further.

    As an aside, Noonan's comments on not getting involved in (nationalised) banks' mortgage rates is pathetic - but I expect nothing better from him at this stage.


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    #9
    DriverMad
    Registered Users Posts: 153 ✭✭DriverMad


    Any word on KBC yet? THanks...


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    #10
    johnfitz69
    Registered Users Posts: 17 ✭johnfitz69


    PTSB dropping there standard variable by .35%. Slightly more than the .25. There going in the right direction.


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    #11
    DriverMad
    Registered Users Posts: 153 ✭✭DriverMad


    I rang KBC and they stated no decision has been made yet for variable customers.

    Was the last interest cut passed on can anyone remember?

    Thanks.


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    #12
    Drag00n79
    Registered Users Posts: 2,746 ✭✭✭Drag00n79


    I dont think kbc passed on the December cut.
    http://www.independent.ie/business/personal-finance/latest-news/255000-households-now-paying-skyhigh-mortgages-2964994.html


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    #13
    mickoneill30
    Banned (with Prison Access) Posts: 3,073 ✭✭✭mickoneill30


    DriverMad wrote: »
    I rang KBC and they stated no decision has been made yet for variable customers.

    Was the last interest cut passed on can anyone remember?

    Thanks.

    No they didn't. The previous one to that (a month or two before it) was though.


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    #14
    DriverMad
    Registered Users Posts: 153 ✭✭DriverMad


    Any word if KBC passing on cut yet?


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    #15
    Liam D Ferguson
    Registered Users Posts: 542 ✭✭✭Liam D Ferguson


    The longer it goes wthout any public uproar or political pressure, the less likely any of the "undecided" banks are to pass on a cut.


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    #16
    channelsurfer2
    Registered Users Posts: 2,609 ✭✭✭channelsurfer2


    or if you are AIB just ignore the public outcry and increase your rate by .5% instead as they have just announced!!!


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    #17
    highgiant1985
    Registered Users Posts: 1,777 ✭✭✭highgiant1985


    channelsurfer2 wrote: »
    or if you are AIB just ignore the public outcry and increase your rate by .5% instead as they have just announced!!!

    to be fair AIB had the lowest rate in the market. While the likes of PTSB had a rate which was unrealistically high I believe AIB had a rate which was unrealistically low. They are a business at the end of the day and need to cover costs or will suffer further losses.


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    #18
    Liam D Ferguson
    Registered Users Posts: 542 ✭✭✭Liam D Ferguson


    channelsurfer2 wrote: »
    or if you are AIB just ignore the public outcry and increase your rate by .5% instead as they have just announced!!!

    ICS and Bank of Ireland increasing Standard Variable Rates by 0.25%. Also announced today. Coincidental timing of course. :rolleyes:


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    #19
    martingriff
    Registered Users Posts: 10,901 ✭✭✭✭martingriff


    Liam D Ferguson wrote: »
    ICS and Bank of Ireland increasing Standard Variable Rates by 0.25%. Also announced today. Coincidental timing of course. :rolleyes:

    Link to it?


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    #20
    Liam D Ferguson
    Registered Users Posts: 542 ✭✭✭Liam D Ferguson


    martingriff wrote: »
    Link to it?

    Don't have anything online - got the release from ICS. Unlike AIB, the ICS and Bank of Ireland move is only for new business, not existing customers.


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    #21
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    Liam D Ferguson wrote: »
    Don't have anything online - got the release from ICS. Unlike AIB, the ICS and Bank of Ireland move is only for new business, not existing customers.

    Phew!


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    #22
    martingriff
    Registered Users Posts: 10,901 ✭✭✭✭martingriff


    cookie1977 wrote: »
    Phew!

    Phew is right


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    #23
    The Bishop Basher
    Registered Users Posts: 4,279 ✭✭✭The Bishop Basher


    Has anyone received anything from Ulsterbank regarding the most recent rate cut. They were quick to say they'd pass it on at the time but they didn't really have an option given all the other issues.

    Now that the dust has settled, have they swept this under the carpet in the hope that we'll all just go away ??


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