The European Central Bank (ECB) must lower borrowing costs twice before its August summer break and two more times before the end of the year, without being swayed by the US Federal Reserve, according to Governing Council member Yannis Stournaras. “We need to start cutting rates soon so that our monetary policy does not become
Pepper Advantage Ireland has identified what it says is an error in its mortgage repayment process which has led to monthly mortgage repayments for approximately 2,500 borrowers being lower than they should be. However, those customers will now see their monthly bills rise dramatically as multiple interest rates totalling a huge 4.5 percentage points in
There has been a huge increase in the value of car loans, figures from lenders have shown. Households are also taking out more “green loans” as well as borrowing for home improvements, holidays and special occasions such as weddings. The value of all loans taken out hit a high of €552m from July to September
Revolut is set to begin selling mortgages. The financial payments company says it is hiring staff with mortgage products in mind, although it has not put an exact timeline on its market entry. The company’s intention to enter the Irish mortgages market was first revealed by the Irish Independent 10 months ago. "We're focused on
Borrowers are being hit with a 10th interest rate rise by the European Central Bank in a move that is set to suck billions of euro out of household budgets. It had been hoped that after nine hikes in lending rates, the ECB would decide to pause hiking rates again this month. But fears that
Ulster Bank has lost its High Court appeals against findings that two borrowers were entitled to tracker mortgage refunds and compensation. Ms Justice Marguerite Bolger on Thursday dismissed the appeal against two decisions made by the Financial Services and Pensions Ombudsman (FSPO), which the lender said could affect thousands of its customers. The bank failed
THE three retail banks have been accused of “ripping off” their customers by paying savers tiny amounts in interest while using their money to earn billions of euro. The accusation comes after Central Bank Governor Gabriel Makhlouf told TDs and senators banks were making around €1.8bn a year by putting household and business deposits they have in
A blunder on around 35,000 KBC mortgages transferred to Bank of Ireland has led to fears the borrowers' credit ratings may be impacted. The mortgage 'start date' was incorrectly entered into Bank of Ireland systems, and as a result, the lender did not submit the data to the Central Bank's Central Credit Register (CCR). And Bank of
The collapse of America’s Silicon Valley Bank (SVB) may force the European Central Bank (ECB) to rethink its plans for a string of interest rate rises this year. Economists said the ECB was still expected to announce a 0.5 percentage point rise this Thursday. Some ECB governors had called for four rate rises this year.
Around 1,900 AIB customers are part of a select group who have seen at least 90% of their debt written off, it has been confirmed. After the revelations that hurling legend DJ Carey had millions of euro written off his debt, AIB will today tell an Oireachtas committee that 1,900 borrowers - or 1% of their financially struggling customers
