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THE EUROPEAN CENTRAL Bank has cut its interest rates by a further quarter percentage point.
The cut reduction comes as inflation eases and the eurozone economy struggles, with policymakers casting a nervous eye on US President Donald Trump’s protectionist agenda.
The central bank cut its benchmark deposit rate by a further quarter point to 2.75% today, its fifth reduction since June last year and a move widely expected by observers.
The ECB’s decision stands in contrast to the latest move by the US Federal Reserve.
In a statement announcing its latest decision, the ECB said the process of bringing inflation down was “well on track”, and the figure should return to the two-percent target “in the course of this year”.
It conceded that the economy was “still facing headwinds” but added that “rising real incomes and the gradually fading effects of restrictive monetary policy should support a pick-up in demand over time”.
The ECB reiterated that it would make its decisions based on incoming data, and it was not “pre-committing to a particular rate path”.
Responding to today’s ECB decision to cut its main refinancing interest rate by a further 0.25%, Brokers Ireland said the combined reductions since July 2022 are now significant for borrowers.
Rachel McGovern, deputy chief executive at Brokers Ireland said:
“Tracker mortgage holders, those most immediately impacted, will now be down by 1.6% to 2.9% on where they were when the ECB reached the very high point of 4.5% in September 2023. This includes the 0.35% reduction. Tracker mortgage holders, depending on their individual contracts, pay an additional 0.50% to 1.25% on the ECB rate.
“This is a welcome relief,” she said, adding that “the unexpected and rapid nature of ten hikes in just over a year coincided with other cost of living increases and was financially stressful for many, especially those paying interest only and still facing having to repay the full face value of their loans”.
“When you’re on a tight budget every increase adds pressure, not just financially but emotionally too.”
With reporting from AFP
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Especially when you have to interact with a machine any time you go into a branch
@Tom: Especially when they’re making 2 billion profit a year!
@Tom: Especially when the government instigated a €64 billion bank bailout from taxpayers money.
Revolut is free and offers a better service
@Keyser Söze: if a service is free then you are the product.
Revolut is full of spammy adverts pushing referrals and other such nonsense. In time they will bring in fee’s.
@Martin Bishop: still better than AIB or BOI literally charging what they do in fees……
@Keyser Söze: Wait until they start taking mortgage applications.
@ Martin: That platititude doesn’t really work with transaction fees. It’s more to do with paying membership. The banks hit you with plenty of advertising too.
@Keyser Söze: how fo you get money to revolut when its a requirment to have an irish bank account. Also need Irish account for business setup and some services only accept mainsteam bank accounts.
@Martin Bishop: I’ve not once ever had an advert or spammy advert in the Revolut app. So either your device is infested with malware, or you’re using some third party app (if they exist).
@Barney: It is an Irish account with the usual Irish IBAN
@Keyser Söze: They will bring in fees no doubt
@Keyser Söze: it’s not fully free as they charge for some transfers and currency exchanges, depending on your level of membership. But i find it much easier to use especially when going abroad and better rates for exchange when changing currency etc
@Martin Bishop: i have revolut premium or what it’s called, so many extras which i occasionally use and no ridiculous fees. If paid for 1 year in advance you even get a discount compared to monthly and those 8€ are much better value than ‘offline’ banks
@Martin Bishop: Zero ads on Revolut. Unless promotional emails for services are considered ads (they’re not). But you get those from your regular brick and mortar bank as well.
@Barney: There is zero requirement for an Irish bank account (even though a Revolut account is linked to an Irish IBAN). IBAN discrimination is forbidden in the EU. If the government or company refuses a non-Irish account, you should report them.
And the fact the banks arent paying any tax on profits is another joke on top of the high fees…
@Tom Newell: In fairness the banks never asked anyone for anything. Tis all their own graft. :/
And the other quarter thought the fees were grand?….. really???
@Peter B (V Eight): my thoughts too. Must be asking bank managers?
@Peter B (V Eight): maybe the other quarter, or some of them, thought the fees were too low
And cash machines all out of order … reduced staff .. worse they are becoming for higher fees
@D: Yoda?
@Scimon Harris: haha
They charge 20 cent per tap, a rip off by all accounts. So greedy these banks and we still pay usc.
@Basildon Joe: while I’m not a fan ofvthe way banks charge fees…aib don’t charge anything for tapping payments
@Basildon Joe: No banks in Ireland charge anything for tap and pay contactless payments. I think some do charge for debit card chip and pin transactions though (use your phone to pay for free if transaction limits are an issue, or alternatively just pay with a credit card).
@Sean: incorrect. My AIB quarterly statement charges me 20 cent per contactless transaction, so this is a lot over the year and increases the charge of everything I pay with them. Obviously I try to transfer to revolut and use that, but AIB also charge per transfer to revolut. They charge for everything in fact, very bad. Then pay USC also for tha bailout still, yet they make 2 billion year? It is not right.
@Basildon Joe: AIB do not charge for contactless transactions. Check the itemised breakdown of your quarterly statement charges and it should explain that no such charges have applied. If you have been incorrectly charged for contactless transactions, you should submit a complaint to dispute these charges. You can cite the following statement on the AIB website:
“For debit cards the transaction fee is waived on contactless transactions until further notice”
@Kevin Collins: covid finished a long time ago. They have been charging for years since covid ended.
@Basildon Joe: No they haven’t Joe. No Irish bank applies fees for contactless payments. You are either mistaken or your bank has made an error. If the latter I suggest you contact them to request a refund.
@Kevin Collins: they charge for Gpay then? I am definitely being charged Kevin
@Basildon Joe: if using Gpay to pay with your phone, this is a contactless transaction which is free. You may be getting charged for using your debit card for other transactions such as chip & pin or online transactions or ATM withdrawals.
Your breakdown of fees should itemise all such transactions (note you could see e.g. €4 in contactless transaction fees, with a corresponding credit of this same €4 meaning it nets off as free.)
@Kevin Collins: thanks Kevin it looks like they have been charging me no 2 ways about it. They probably do this to loads of unsuspecting customers. They are for it now, I will take it up with them.
@Basildon Joe: if this is the case, I would most certainly contact AIB to enquire and/or complain. As you say yourself, 20c per transaction adds up to a lot over the course of a year.
@Kevin Collins: they won’t be plucking this turkey. Thanks Kevin and good luck.
@Basildon Joe: https://aib.ie/help-and-guidance/personal-current-account-fee-changes-faqs explaining:
What is the fee for a contactless transaction?
Currently we do not charge for contactless transactions. While contactless transactions carry a fee of 20 cent per transaction, we have not charged this fee since we introduced contactless payments in 2012. We announced on 4th September 2020 that we will continue to provide contactless transactions free of charge until further notice for all our customers.
Too HIGH for EVERYTHING in this kip
Incredibly, this means 25% of people think the charges are perfect. Who are these people?
As Brendan Behan said “what’s a banker but a robber with an office.”
Banks & Bankers are the lowest common denominator in Irish society. Bankers are white collar criminals in suits & their track record in Ireland has proven this. Even after all the scandals & Govt appointed over seers & being told the culture had changed, they couldn’t tell the truth around the Tracker scandal. Just like the RTE criminals, it had to be pulled out of them but by bit, rotten to the core & aided & abetted by our Govt, Central Bank & Regulators.
@SV3tN8M4: Indeed. Just look at Brendan Mullin’s shenanigans at BOI Private. Tip of the iceberg. How much more underhanded and criminal behaviour is going on?
Banks should pay US interest for use of OUR money. The money belongs to depositors, not to the bank! Banks have lost sight of this drastically important fact!
Do away with them
Yes when ffg get back in they will sort everything out.
Giving free money to everyone,
Take on the banks, build trillions of houses, cure all disabilities. Bless the homeless.
Turn carers into saints.
Can’t wait!
For Bankers…Replace the B with a W and you’re more accurate with the type of people/institutions they are.
I’ve ported over to Revolut. No fees, and never been happier.
Greedy Irish banks charge high low benefits for customers. Never pass on ECB rate cuts always have an excuse as why they can’t do it
I’ve transferred 65k to Revolut, but am unsure as what to do with the remainder, as I am concerned as to what happens if Revolut go belly up.
I get 4 euro post tax interest per day from Revolut.
BOI charge me 6 euro a month
@Paul: Very risky
@Sean Hayes: it’s not risky as revolut included in bank guarantee.
@Paul: They’ve been around for many years, and like with any other back you’re protected up to 100k. They have a full Irish banking license.
Using less cash and bank fees are higher. Something s wrong . Banks are ripping us off is what is
Everything is automated… just like how digital products got more expensive despite them not being affected by medium production cost and shipping… pure greed.
Hence the push for cashless, then every spend has like a new tax applied for allowing you spend you own money.
I get charged €10 per quarter I don’t use tap my account is only used for Skytv and broadband €69 and 48 mobile €12.99 and storage fees. My sister uses tap like there’s no tomorrow and her car comes out monthly and she gets charged over €50 per quarter tap is the killer
@Nemethon: tap and pay transactions are free with all banks in Ireland.
@Kevin Collins: what if through Gpay? Maybe this is what they charge the 20cent for.
@Basildon Joe: Google and Apple Pay are also free. You’re talking out of your a r s e Joe. All wireless payments are free.
Account fees. Too high
My background is in Financial Services (Underwriter not Banker) and I will NEVER engage with a mainstream bank again.
Everything I had (Mortgage, current account, overdraft, personal loan, credit card) was vis AIB.
I resigned from my job and missed a mortgage repayment. I hate being in debt so immediately put my place up on the market…
Having engaged with them fully and truthfully, I was guaranteed a moratorium.
However someone never pressed the button so I ended up with such a bad credit rating that I couldn’t even open another account. Ended up on the streets literally as a result. Lol after we bailed them out!!
@Donna Fallon: if i could definitely consider living off grid . Banks are ripping ordinary people off on daily basis
Not unlike ticketmaster charges…€24 of service charges on top of 3 tickets totalling €160. What are these charges actually for???
suck.it.up.and.smile.
They are definitely way too high, considering that they charge per electronic transaction, regardless of the amount, which is something that they don’t mention as they try to get more of us to do. I use cash and just withdraw the week’s budget at the start of the week and work off that, and only use electronic payments when I really have to.
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