MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
  • Mortgages
  • Property Report
MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
    • Mortgage Learning Center
    • Calculators
    • Best Mortgage Table
  • Property Report
    • All Properties
    • Houses For Sale
    • Apartments For Sale
    • Available To View
    • Overseas Holiday Homes
      • Properties For Auction
      • Upcoming Auctions
      • BER Assessors
      • Property Conveyancing Solicitors
      • Pre-Purchase Surveyors
    • Find Agents
    • All Properties
    • Houses To Rent
    • Apartments To Rent
    • Available To View
    • Share
      • Irish Holiday Homes
      • Overseas Holiday Homes
  • New Homes
    • For Sale
    • To Rent
    • Auction
      • Residential Land
      • Commercial Land
      • Farm Land
      • Farms
      • Sites
    • MyHome Living
    • Buyer Advice Hub
    • Property Report
    • Property Price Register
    • Price Changes
  • Mortgages
    • Rental
    • Holiday Homes
    • Commercial
    • Sharing
Advertisement
  • Home
  • Uncategorized
  • Banks warned to cut rates or face a government cap
Uncategorized
May 20, 2015 - 09:53

Banks warned to cut rates or face a government cap

MyHome.ie
By MyHome.ie
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share
Banks warned to cut rates or face a government cap

Central Bank chief Patrick Honohan has warned banks to cut their variable mortgage interest rates or face government policy decision that may include a cap on rates.

In a report for Finance Minister Michael Noonan, Mr Honohan said banks needed to recognise that charging "exploitative" rates would be counterproductive if it forces government policy reactions.

In that report, Mr Honohan said: "Their boards and management need to recognise that charging spreads that excessively exploit the current weak competitive environment risks being counterproductive if they bring down upon themselves Government policy reactions."

Mr Noonan is holding a series of meeting with the heads of the country's six banks this week, where he is expected to pressure them into cutting their variable interest rates.

Most variable rates in Ireland are between 4.3% and 4.5%. Variable rate borrowers here are paying about €350 a month more in interest than in other EU countries.

Advertisement

Michael Noonan met AIB, Ulster Bank and ACC Bank yesterday and discussed Mr Honohan's report with them. Meetings are scheduled with Bank of Ireland, Permanent TSB and KBC Bank.

Subscribe to our weekly MyHome Living eZine today

Processing your request...

You are subscribed now!

<

  • Tags
  • ACC Bank
  • AIB
  • Bank of Ireland
  • banks
  • Finance Minister
  • government policy decision
  • interest rates
  • KBC Bank
  • Michael Noonan
  • Patrick Honohan
  • Permanent TSB
  • Ulster Bank
  • variable mortgage
  • variable mortgage interest rates
MyHome.ie
By MyHome.ie
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share

Helpful Links

Find your home on MyHome
Read more Articles
Calculate what you can afford to borrow
Welcome to the Retrofit Hub
Advertisement
Advertisement

Related News

What is a Heat Pump?
Uncategorized

What is a Heat Pump?

Feb 27, 2025
Living Cities Initiative
Uncategorized

Living Cities Initiative

Jan 14, 2025
Digital Services Act
Uncategorized

Digital Services Act

Mar 31, 2024
Avant Money and Finance Ireland announce new rates
Uncategorized

Avant Money and Finance Ireland announce new rates

Dec 09, 2021
Average deposit of first-time buyer was €52,000 in first half of the year
Uncategorized

Average deposit of first-time buyer was €52,000 in first half of the year

Dec 07, 2021
Frequent And Popular Searches
MyHome.ie Blog
Help
Jobs
About
Equality Guidelines
Brand Safety
Contact
Terms & Conditions
Cookie Policy
Privacy Policy
Digital Services Act
Sitemap
© Copyright MyHome.ie 2025
Advertisement