Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
BANK OF IRELAND is raising it’s standard variable mortgage rate by half a per cent from next month.
The move comes after the European Central Bank raised interest rates by the same amount in recent months.
Reuters reports that Bank of Ireland is also increasing the purchase interest rate on personal credit cards by half a percentage point. The rate for personal variable loans will go up by a quarter of a per cent.
The mortgage rate hike will add around a hundred euro a month onto payments by someone with a mortgage of €300,000, according to the Irish Times.
This week the bank reported underlying losses of €723 million for the first half of the year, narrowing from the €1.3 billion recorded in the first six months of 2010.
Bank of Ireland said it had no choice but to raise interest rates, due to higher funding costs and the ECB rate hikes.
To embed this post, copy the code below on your site
Richie!
Our rates for the Billions we gave you has just gone up!
You pack of incompetent morons!
Bloody greedy gangsters
I cannot wait to see what comes out of Dail Eireann from this. We currently have an inflation problem and extra charges like these only add non realistic variables to our inflation issue.
The Government as a shareholder on our behalf must insist BOI back down, whilst I agree these banks need to get back to profitability and solvency, it is ludicrous to ask the very people who were ‘forced’ to prop them up from going to the wall in the first instance, and are currently experiencing many hardships.
The banks must look elsewhere for this money.
yep, like the deep pockets of CEOs.
Government cack-handedness allowed this. The equity sale to overseas investors will be cited as justification. When will the government concede that there is a tipping point on mortgage defaults and Ireland must surely be close to it. Nothing changes in establishment Ireland. It’s a hopeless country for young people.
Not acceptable!! What do they expect if they don’t lend the money they were loaned from us And ECB !!!!!!!!!!!! They don’t understand what their business is about anymore! Their business is lending money not holding on to it!!!
But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.
Fredric Bastiat 1801-1850
Read this and start the ball rolling if you think you were swindled.
how the swindle worked:
The mortgage contract was void ab-initio because the Bank lied and never intended to lend a single ; as gilmore says "red cent "of their own asset or depositor’s money to the buyer. A valid contract must have lawful or valuable consideration. The contract failed for anticipated breach. The Bank never planned to give the buyer/borrower any valuable consideration.
The Bank concealed the fact from the buyer that it would be using the buyer’s promissory notes; first to clear all the liens and encumbrances in order to convey clear title to the buyer; then use the second promissory note to obtain more money from other institutions that buy and sell mortgage-backed security.
The Bank received up to THREE TIMES the amount of money required to purchase the property and kept the proceeds to itself without telling the buyer.
Bank violated its corporate charter by loaning "credit" to the buyer and then charging interests on such A make-believe loan. Banks are only licensed to loan their own money, not other people’s money. The Bank used the buyer’s promissory note to clear the title which essentially purchased the property from the seller. The transaction is an ultra vires transaction because Magic Bank has engaged in a contract outside of its lawful mandate.
An ultra vires contract is void or voidable because it is non-existent in law.
I did some research and the banks would collapse if everyone go together and enforced there rights … So debt forgiveness is the only viable option besides completely reneging on payment
Dave, no idea what your comment is all about.
He is speaking about Fractional Reserve Banking. Explained it pretty well too I might add..
100 euro on a â
Should the mortgage value be 300k?
Does the right hand know what the left hand is doing? We still”control/ own” our banks through govt ownership right? We’re also looking at higher taxes coming in the next series of budgets right? So why would the govt allow these rate hikes, it depletes their tax base. (Forget the fact every Joe / Josephine Soap is being billed twice for the bail out).
How do I (and everyone else) continue to meet my responsibilities of paying my taxes and bills (for frankly pathetic services now) if I am being priced out of it into insolvency. No one in charge of these ideas seems to give any thought on the sustainability of any of this. It’s just incompetent. WTF Labour/ Fine Gael? Seriously!
The current government is just as much a captive of the Irish financial system as the last. Look back on their election promises about ‘not’ refinancing the banks. No small island country with huge levels of personal debt and unemployment can raise taxes, cut pay, cut government spending and accommodate bank interest rises without drowning. NAMA lost 1.1 billion and there was hardly a squeak from government. Contrast this with the appaulse directed this week towards the possible creation of 400 jobs over the coming years. The house has nearly burnt to the ground, but it looks like cat might pull through. Crazy priority inversion.
Stop following Guinness then ;-)
Not the drink talking, it’s your global conspiracy theory that has me confused.
And this is ONE of the banks I am bailing out & suffering financially as a result!
Bah Hum Bug!
not one voice or action even from the wilderness of our ever dependable td,s every talk show they have been on they promise reform and help and they just let the burden grow heavier and heavier on the good people of the country
have your say