Bank results have shown strong profitability - gains from lower ECB rates need to be passed on to mortgage holders
Christine Lagarde, president of the European Central Bank , at a news conference in Frankfurt, yesterday after the interest rate cut announcement. , notably those on tracker mortgages. This group suffered most as official interest rates went up and is now benefiting as they fall. Elsewhere, reductions have been slower to flow through.
Confessions, imperfect recollections and geology: How Alan Vial and Nikita Burns were convicted of murdering Robert WilkinFive homes on view this week in Dublin and Wicklow from €195,000 to €600,000 Results from AIB, Bank of Ireland and Permanent TSB this week all showed strong profitability. Were the market more competitive, they would be under more pressure to cut mortgage rates. As it is, some smaller lenders are playing a welcome role, but the three big players still control the bulk of the market.
These borrowers were promised when their loans were sold as part of the deleveraging process of the banking groups that they would not be at a disadvantage. As it turns out, they are. Many have already had their loans restructured and so cannot move to another lender. The Central Bank needs to maintain relentless pressure on these companies to give lenders a better deal,remains uncertain. Further reductions are likely, though may take time to come through.
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