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24/07/2009
'Worst To Come' As Republic's Mortgage Rate Rises
As speculation mounts that mortgage rates are about to go up across the board, a new survey has been published showing that the majority of Irish people believe the worst of the recession has yet to come.
The Eurobarometer survey said today that just 21% of respondents to the survey said they believed the economic crisis had already reached its peak.
In fact, things are so bad that almost one quarter of those questioned said they were not confident of having a job in two years' time.
The survey follows comments by the Governor of the Central Bank earlier this month when he warned that Ireland is "unlikely to experience an economic recovery until 2011 at the earliest".
John Hurley made his comments as he launched his final annual report as head of the bank on 14th July.
Today's announcement by the Irish Permanent TSB that it plans to increase mortgage interest rates for around 50,000 of its customers is therefore likely to be seen as a further set-back.
The bank said its standard variable rate will be going up by half a percentage point, adding almost €15 to the average monthly repayment - although the increase will not apply to people with tracker mortgages.
Permanent TSB says the move is necessary due to the high cost of funds, rising deposit rates and tight margins.
This is not being seen in isolation, as it is also thought that the other Irish banks will introduce similar increases.
(BMcC/JM)
The Eurobarometer survey said today that just 21% of respondents to the survey said they believed the economic crisis had already reached its peak.
In fact, things are so bad that almost one quarter of those questioned said they were not confident of having a job in two years' time.
The survey follows comments by the Governor of the Central Bank earlier this month when he warned that Ireland is "unlikely to experience an economic recovery until 2011 at the earliest".
John Hurley made his comments as he launched his final annual report as head of the bank on 14th July.
Today's announcement by the Irish Permanent TSB that it plans to increase mortgage interest rates for around 50,000 of its customers is therefore likely to be seen as a further set-back.
The bank said its standard variable rate will be going up by half a percentage point, adding almost €15 to the average monthly repayment - although the increase will not apply to people with tracker mortgages.
Permanent TSB says the move is necessary due to the high cost of funds, rising deposit rates and tight margins.
This is not being seen in isolation, as it is also thought that the other Irish banks will introduce similar increases.
(BMcC/JM)
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Northern Bank posts record annual results
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Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
10 November 2009
Banks Relent To Help Debt-Hit
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Banks Relent To Help Debt-Hit
Ireland's banks have succumbed to Government pressure to offer a moratorium on debtors. The ten biggest mortgage lenders in Ireland finally pledged today to offer homeowners more time to pay back arrears before taking legal action against them.
18 November 2010
No 'Debt Forgiveness' On Mortgage Arrears
A leading mortgage group has said they will not be recommending a formal 'debt forgiveness' scheme for mortgage holders in serious arrears. The announcement comes after yesterday's figures from the Central Bank, which revealed one in 20 Irish mortgages have been in arrears for over 90 days.
No 'Debt Forgiveness' On Mortgage Arrears
A leading mortgage group has said they will not be recommending a formal 'debt forgiveness' scheme for mortgage holders in serious arrears. The announcement comes after yesterday's figures from the Central Bank, which revealed one in 20 Irish mortgages have been in arrears for over 90 days.
27 August 2010
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
02 September 2011
Honohan Calls On 'Banks To Re-Vamp'
The Irish Central Bank Governor, Patrick Honohan, has called on banks to re-vamp their methods of dealing with the growing problem of mortgage arrears. Speaking at the Oireachtas Finance Committee, he said some would undoubtedly resume paying their mortgages, but some just will not recover.
Honohan Calls On 'Banks To Re-Vamp'
The Irish Central Bank Governor, Patrick Honohan, has called on banks to re-vamp their methods of dealing with the growing problem of mortgage arrears. Speaking at the Oireachtas Finance Committee, he said some would undoubtedly resume paying their mortgages, but some just will not recover.
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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.
