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08/01/2009
Interest Rates Slashed - Again
On foot of today's news that the Bank of England (pictured) has cut interest rates to 1.5% - a further 0.5% decrease in the Base Rate - a local bank, the Northern, has reduced interest rates on all its Base Rate and Standard Variable Rate related products by the same amount.
Danny Stinton, Head of Personal Products and Planning for Northern Bank, said that borrowers would see their monthly loan repayments reduced and would be better off as a result.
"We are confident that Northern Bank's customers from the mortgage holder to the small business will see the direct benefits of the interest rate cut.
"The cut in interest rates comes at an important time in the calendar year for both businesses and consumers who will be using this period to plan expenditure for the year ahead.
"The hope is that the combined effects of the series of interest cuts over the last number of months will go some way to contributing to the significant task of building both consumer and business confidence in the weeks and months ahead," he said.
The Ulster Bank has also said it will pass on the cut to customers with borrowings linked to the base rate and mortgages linked to the standard variable rate.
However, the bank said it would defer a decision on the savings rates saying that for every mortgage customer it had seven saving customers.
The Bank of Ireland and First Trust Bank have yet to indicate their intentions.
Since October 2008 the Bank of England has reduced base rate by 3.5%.
On top of today's news that the Bank of England has cut interest rates, it is also rumoured the Chancellor is considering printing more money in an attempt to alleviate the pressures of the credit crunch.
The Bank's Monetary Policy announced the cut this morning, taking it to its lowest level in its 315-year history.
See: Interest Rates Reach All-Time Low Of 1.5%
(BMcC/JM)
Danny Stinton, Head of Personal Products and Planning for Northern Bank, said that borrowers would see their monthly loan repayments reduced and would be better off as a result.
"We are confident that Northern Bank's customers from the mortgage holder to the small business will see the direct benefits of the interest rate cut.
"The cut in interest rates comes at an important time in the calendar year for both businesses and consumers who will be using this period to plan expenditure for the year ahead.
"The hope is that the combined effects of the series of interest cuts over the last number of months will go some way to contributing to the significant task of building both consumer and business confidence in the weeks and months ahead," he said.
The Ulster Bank has also said it will pass on the cut to customers with borrowings linked to the base rate and mortgages linked to the standard variable rate.
However, the bank said it would defer a decision on the savings rates saying that for every mortgage customer it had seven saving customers.
The Bank of Ireland and First Trust Bank have yet to indicate their intentions.
Since October 2008 the Bank of England has reduced base rate by 3.5%.
On top of today's news that the Bank of England has cut interest rates, it is also rumoured the Chancellor is considering printing more money in an attempt to alleviate the pressures of the credit crunch.
The Bank's Monetary Policy announced the cut this morning, taking it to its lowest level in its 315-year history.
See: Interest Rates Reach All-Time Low Of 1.5%
(BMcC/JM)
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04 March 2011
IMF Announce Interest Cut For Ireland
Despite an announcement to the contrary by the German Chancellor on Thursday, Ireland's bailout interest rate is set to decrease. The news comes only a day after Angela Merkel had ruled out lowering the huge interest rate facing Ireland over its international bailout conditions.
IMF Announce Interest Cut For Ireland
Despite an announcement to the contrary by the German Chancellor on Thursday, Ireland's bailout interest rate is set to decrease. The news comes only a day after Angela Merkel had ruled out lowering the huge interest rate facing Ireland over its international bailout conditions.
06 November 2008
NI Welcomes Slashed Interest Rate
There has been a broad welcome for the Bank of England's decision to cut interest rates in the UK to 3%. Interest rates are at their lowest since 1955, and the one-and-a-half percentage point cut is the biggest since 1981.
NI Welcomes Slashed Interest Rate
There has been a broad welcome for the Bank of England's decision to cut interest rates in the UK to 3%. Interest rates are at their lowest since 1955, and the one-and-a-half percentage point cut is the biggest since 1981.
02 March 2011
Draft Bank Resolution Legislation Published
The Irish government has published draft legislation fulfilling a commitment made as part of the EU – IMF financial assistance package. The bill, entitled the Central Bank and Credit Institutions (Resolution) Bill 2011, has been laid before the Oireachtas.
Draft Bank Resolution Legislation Published
The Irish government has published draft legislation fulfilling a commitment made as part of the EU – IMF financial assistance package. The bill, entitled the Central Bank and Credit Institutions (Resolution) Bill 2011, has been laid before the Oireachtas.
19 November 2008
Progressive Joins Rate 'Cuts', But Deals Vary
News that one of the few locally-based mortgage companies, the Progressive Building Society has now announced it will follow the big national banks and cut its standard variable mortgage rate by 1.24%, doesn't necessarily mean a lower rate.
Progressive Joins Rate 'Cuts', But Deals Vary
News that one of the few locally-based mortgage companies, the Progressive Building Society has now announced it will follow the big national banks and cut its standard variable mortgage rate by 1.24%, doesn't necessarily mean a lower rate.
04 December 2008
National Rate Cut Prompts Local Response
Some Northern Ireland banks are already getting ready to cut their mortgage rates as the national cost of borrowing falls again. It has been reduced by a full percentage point, pushing the base rate of interest to 2% - the lowest level since September 1939.
National Rate Cut Prompts Local Response
Some Northern Ireland banks are already getting ready to cut their mortgage rates as the national cost of borrowing falls again. It has been reduced by a full percentage point, pushing the base rate of interest to 2% - the lowest level since September 1939.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
