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AIB, EBS hikes mortgage variable interest rates by .4%


toratoratora

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May 21, 2009
Messages
607
New interest rate hikes for AIB, EBS and Haven customers - Independent.ie

Un-************************ing-believable. .4% as well, a fairly hefty rise, coming at a time when the only pressure on the underlying ECB rate is downwards. I am not a customer of these thanks be to jaysis, but I have many friends and family who are. And I presume that as they are a state owned bank that this would need to be cleared with their government handlers. So FG and Lab etc are A-OK with this. Just for whose benefit exactly is this country being run?

"Experts said today AIB was getting a rate hike in ahead of the ECB’s next decision on rates."
 


M

MrFunkyZombaloo

AIB. Takes with one hand. And then takes with the other.

It's the gift that just keeps on.. eh... taking.
 

IbrahaimMohamad

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Feb 5, 2013
Messages
4,221
Yes the Banks must be made profitable. Time the taxpayer stopped funding mortgages.

That said Statutory redundancy was enough for those made redundant!
 
M

MrFunkyZombaloo

Yes the Banks must be made profitable.
Already tried. And failed. How many times must we make them profitable and at what cost?

Time the taxpayer stopped funding mortgages.
You wish. There's more funding of mortgages and banks coming head-on down the tracks.

That said Statutory redundancy was enough for those made redundant!
Tis a pity AIB wasn't made redundant.
 

ShoutingIsLeadership

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Jan 17, 2011
Messages
50,439
The next time someone dares to use the term 'moral hazard' in my company...

Step forward, Mr Fergus Murphy, top man in EBS as it ran into the rocks. Where is he now?

Oh, here he is:


"AIB is making significant progress in returning to a stable banking model and must apply competitive pricing policies in order to make a return to profitability,'' commented the bank's director of products, Fergus Murphy.

''While AIB and EBS recognise that any increases are unwelcome for customers, we must ensure that mortgages are provided at a sustainable pricing level,'' he added.

It said that its variable rates have been at unsustainable levels relative to the cost of funding for several years, while EBS has not announced an increase in almost two years.

"AIB is making significant progress in returning to a stable banking model and must apply competitive pricing policies in order to make a return to profitability,'' commented the bank's director of products, Fergus Murphy.

''While AIB and EBS recognise that any increases are unwelcome for customers, we must ensure that mortgages are provided at a sustainable pricing level,'' he added.
 

macs magic

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Nov 27, 2010
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2,214
Don't worry Inda said today he was going to cut Bankers pay,pity he wont vote against the BOI pay of its CEO first.
 

ShoutingIsLeadership

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Just a bit of context for people complaining about the property tax, etc. In the last 18 months, AIB has raised the variable rate by 1.4 percentage points. In simple terms, for mugs like me, that means an increase of over €500 PER MONTH.

Yes, you read that correctly. PER MONTH.
 
M

MrFunkyZombaloo

Just a bit of context for people complaining about the property tax, etc. In the last 18 months, AIB has raised the variable rate by 1.4 percentage points. In simple terms, for mugs like me, that means an increase of over €500 PER MONTH.

Yes, you read that correctly. PER MONTH.
Puts it into perspective alright SIL. +1
 

Sync

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toratoratora

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607
ECB could cut interest rates after German output falls | Business | The Guardian Yeah it's expected to drop. So effectively Irish banks just won't pass on the saving. I'm not sure why they didn't just do that and instead engaged in this mucking around.
Not passing on the ECB rate cut (if it materialises) is one thing, but actually increasing your interest rate at the same time is just rubbing salt into the wound. The reason they are doing this now is that if the ECB rate does fall, it would be very difficult for AIB to justify increasing their variable rate afterwards.

It's cynical as ************************, but hey, these are the Irish banks we are talking about.
 

ShoutingIsLeadership

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ShoutingIsLeadership

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For any FF/SF/Independent politicians, here's slogan for the next election. Hell, you can even start using it now:

FG/Labour: The Bankers' parties.

'Where profitability is put before people'.
 

macs magic

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The ironic thing about it is that this Bank is as bust as Anglo was and should be wound up
 

ShoutingIsLeadership

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The ironic thing about it is that this Bank is as bust as Anglo was and should be wound up
Nothing ironic about it; it's just rotten. A small cohort of people in this country are being made to take a massive part of the burden of making that rotten institution profitable.
 
Last edited:

toratoratora

Well-known member
Joined
May 21, 2009
Messages
607
For any FF/SF/Independent politicians, here's slogan for the next election. Hell, you can even start using it now:

FG/Labour: The Bankers' parties.

'Where profitability is put before people'.
SF/Independents could use that slogan maybe, but FF? The party that presided over and facilitated in getting us to this sorry situation in the first place? Eh, no.
 

ShoutingIsLeadership

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Jan 17, 2011
Messages
50,439
SF/Independents could use that slogan maybe, but FF? The party that presided over and facilitated in getting us to this sorry situation in the first place? Eh, no.
People have short memories; desperate people have even shorter memories.
 
M

MrFunkyZombaloo

For any FF/SF/Independent politicians, here's slogan for the next election. Hell, you can even start using it now:

FG/Labour: The Bankers' parties.

'Where profitability is put before people'.
Just posted this on another website;

Irish Government Policy seems to be, under the banner of "increasing bank profitability", to ensure many, many people (and families) are further impoverished.
 

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