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AFTER WEEKS OF protracted discussions between the Irish banking sector and the government, the Bank of Ireland has announced that it will be cutting its fixed mortgage interest rate by 0.3%.
This will impact on both new and existing customers and will see fixed rates offered from 3.60%. The bank has said that this reduction is down to the reduced cost of term debt.
While the move will no doubt be welcome, the bank’s Standard Variable Rate (SVR) remains the same.
Ongoing dispute
This follows on from Finance Minister Michael Noonan stating last week that the country’s six main banks could face a penal levy if they continued to refuse to cut their mortgage rates.
They had been heavily criticised for maintaining mortgage rates that were out of step with the record low eurozone borrowing costs currently available.
The Minister said that he had secured an agreement from the banks to review their variable rates and come back with options and products to assist home owners by the beginning of July.
The current SVR in Ireland is around 4.2% – almost twice as high as the European average.
How will customers be affected?
The new fixed-rate mortgage packages will see cuts made across a variety of products for customers.
The bank has said that 50% of its new customers are now taking out fixed-rate mortgages.
Speaking about the cuts in the rates, Head of Mortgages with the Bank of Ireland, Aine McCleary, said, “this is the second mortgage rate cut from Bank of Ireland this year. In January we communicated with our variable rate customers advising them of our new rate offers, and we will be doing so again.”
We are building on the significant momentum underway in meeting the needs of Bank of Ireland’s existing and new mortgage customers. Our €2 billion mortgage fund that we launched last year is now fully subscribed and earlier this year we launched a further €2.5 billion fund to meet customer demand for new mortgages.
Comments are closed on 3 or your last 8 articles.
Not trying to be rude, but the reason I read the Journal is the comments section. I enjoy the banter and diversity of opinion and very often I learn more from reading the comments than the article itself. Without interaction between your readers you become an average (at best) news site.
Readers comments are what make the Journal. You however, appear to be doing a damn good job of trying to make sure that’s no longer the case :-(
Couldn’t agree more!!
editorial bias in the journal never haa haaa haaa
don’t forget the political editor hugh is a card carrying member of fg, take a look at his reporting from the last fg ard fheis, lets just say 1 direction were embarassed
I could not agree more also. The comments section IS the Journal.
Agreed
Thanks Catherine Murphy !
Catherine Murphy, one of about 3 or 4 TDs worth their salt.
Catherine the Great …. Ivan – sorry I got your name wrong last evening – no insult intended I hold you both in equal high esteem !
That’s terrible.
Denis the Menace!
Will drink to Catherine Murphy’s good health tonight.
Journal staff are having to work overtime this weekend to delete all the DOB comments lol
Judge Donald Binchy – he gave the injunction ….
DONALD BINCHY – Must remember that name !
Inchy Binchy sciver……sorted!!
Might as well just close comments lads… It’s not going to stop. People are getting p!ssed off at this absolute tripe in the country now at this stage..
Beyond p!ssed off.
As for my taxes paying for Dinnys loans…… SICK!
Bloody Denis O’Brien!
Blood boiling stuff!!
The journal gagged their own readers.
Oh and Catherine Murphy is the most refreshing aspect of politics in this country since I don’t even know when. Cannot praise her dedication enough.
She is truly the peoples hero
Wait till Ming comes back from Europe …that’s when the craic will start !
110,000 turf-cutters and their friends and relation marching on Dublin with sleans is not something that would keep a Public Order Unit Cop’s underpants clean – and that is a fact !
Q: What’s the Journal without comments?
A: Mostly bad opinion pieces, lazy written stories with mistakes quite a lot of the time and copypasta from other, well written news sites.
I’ve had many a battle with the Journal but in fairness without it where would we be – it was vital in the Irish Water campaign and for that it has my blessing …
Simple people fear the law because of our History – those days are gone now …
I wonder how many meters went in in Tuam today – there’s a right battle going on down there I hear – last weekend at any rate -
!
Go on the Tuam – You owe Eire for what you buried in Tuam !
Denis O Brien’s injunction won’t stop us commenting, all of this intimidation will make people more determined not to pay water charges.
I will never pay….. these crook will not profit when I shower my children.
FG you are some shower of betraying yes men.
Here what O Brian dose not what u to here.
https://www.facebook.com/IrishMediaAlliance/videos/488082461338945/
An the gov is moving in the same direction as FIFA.
Indeed…with just as much blatter.
Rumour has it BoI delisted from NYSE and are preparing for euro collapse?….
Slalry collapse at any rate – can’t draw a salary in jail …
And don’t run lads – if ye run there will be no jail and ye know it – your dreams are building I hear !
Holy crap! Pearse.
There’s something very strange going on Al Ca, if the MSM in this country wasn’t controlled by Bilderberg O’Brien, they would be all over this.
Michael D. signed it on Christmas Eve – and it was he who was Minister who signed the Bog closures …….
This law seems open to constitutional challenge as it seems discriminatory by naming one company – according to want is contained in the link above ..
Legislation relating to IW signed off by the same parasite on Christmas day!! Bogs, water etc etc, it’s all down to the implementation of UN agenda 21, scary stuff and worth farther research… http://news-beacon-ireland.info/?p=15675
Christmas is a time for doing sneaky stuff when the media have pre-organised their print run for the holidays.
Like burning €500 million of taxpayers money for a bond sold that day(23rd Dec) and have no one report it…or like you say sign IW into being on Christmas day…and lots of other stuff that would usually create a newsworthy piece.
You could even use the wall to wall coverage of the SSM Yes vote to burn another €500 million of taxpayers money when no one was looking.
In fact, you can burn/delete about €2 billion a year of taxpayers money for the next 40 years and it won’t get a single headline in any of the media…….because it might upset the hard pressed taxpayer…and you wouldn’t want to upset hard pressed taxpayers….so I suppose the Government think of it as mercy deletion when it’s done on the quiet.
Michael D. – and he refused to recognise God when he took the Oath !
He kept his trap shut on Shannon as well /…
Eire is finished with him !
Al
I have always what they were up to when they filled the papers with that story about the drug Mules – one Girl from Northern Ireland and the other from Scotland ….
while at the same time we heard that two Irish Citizens were walking around A\thlone having “escaped” from such a prison ….
Talk about a non-story making headlines !
It’s not a rumour.
Boycott O’Brien and FG because between them there’ll soon be no freedom of choice as well as no freedom of speech.
It’s just ‘Bank of Ireland’ – not The… I hate when people add in a ‘The’ for no reason. The Family Guy. The Pink Floyd.
There is tablets for that.
Weren’t a fan of The The then.
How does said court injunction work. if people bad mouth me in the pub, can i get an injunction against them to not publish conversation?
Barney, that’s conjecture. Can you prove there was badmouthing?
Does it matter whether their opinion is conjecture or based on solid information?, it will damage my reputation so i tell the judge that. Presume judge has to take my word for it until other party presents evidence to prove otherwise.
Or perhaps the Judge will take your word because your buddy gave him the job.
the chris me too.
Catherine the Great
Give it a rest, Popeye.
What’s Popeye doing to you Chris ?
It’s like the Fourth Reich has gone full-blown !
have your say