ECB up 0.25%

[PaddyW]

Won't affect me too much, thankfully. But a huge blow to many already suffering with increased costs.

[Daz]

and so it begins. fcuk it anyway.

[glen]

this is just the start of it its gonna keep going up and people just wont be abel to pay im lucky enough i fixed last year for 3 years otherwise id be fcuked

[F@ces]

My mortgage already went up this month.... fantastic news..... :(

[Captain_Morgan]

Im after getting four balled up the sh1tter here with this so, firstly i had to bend over for PTSB and their 1% increase now this

This country is in for a wave of mortgage defaults, thankfully me and the wife have jobs but god help people where only 1 person is working or neither is working

[callyno3]

ECB now at 1.25%, All variable and trackers affected. Wouldn't surprise me if they upped the variable by 0.3% or more.

[Daz]

Im after getting four balled up the sh1tter here with this so, firstly i had to bend over for PTSB and their 1% increase now this

This country is in for a wave of mortgage defaults, thankfully me and the wife have jobs but god help people where only 1 person is working or neither is working

there'll be thousands upon thousands defaulting

[F@ces]

there'll be thousands upon thousands defaulting

No doubt about it.

[Shay]

No doubt about it.

there'll be thousands upon thousands defaulting

Yeah an absolute certainty, there's close to 70k in arrears as it is so while that number increases the number of defaults will increase too

[F@ces]

Yeah an absolute certainty, there's close to 70k in arrears as it is so while that number increases the number of defaults will increase too

70K at the mo in arrears - jesus....

[Anfield Old Boys]

Yeah an absolute certainty, there's close to 70k in arrears as it is so while that number increases the number of defaults will increase too

Despite the political measures I (unfortunately) can only see the repossessions going up too...sad...especially as the State owns (via nama) so many houses..surely solutions can be found...

[Captain_Morgan]

where's the ordinary peoples NAMA???????

[Pimboli]

where's the ordinary peoples NAMA???????

Good question. As the government is writing down the cost of all the commercial properties with all the developers still sitting away in their mansions anyone who bought a house in say a 5 year window when the prices hit the roof should all be written down by circa 20%.

It should make no odds to the bank and it will only effect the back end of the loan by shortening it by 10 years or so in 20-25 years time and has no effect on the here and now.

If the ordinary joe's tax is bailing out these banks its only right as its the developers that got the houses to the prices they were.

There is only so many holes a person has for the banks and the government to fcuk at the one time.

[PaddyW]

Good question. As the government is writing down the cost of all the commercial properties with all the developers still sitting away in their mansions anyone who bought a house in say a 5 year window when the prices hit the roof should all be written down by circa 20%.

It should make no odds to the bank and it will only effect the back end of the loan by shortening it by 10 years or so in 20-25 years time and has no effect on the here and now.

If the ordinary joe's tax is bailing out these banks its only right as its the developers that got the houses to the prices they were.

There is only so many holes a person has for the banks and the government to fcuk at the one time.

I'd be all for them writing off some debt for people who are seriously in trouble, but don't you just know that people who are not in trouble will start to complain that they are being punished for being frugal and not getting caught up in the property bubble etc. Unfortunately it's all a vicious circle

[Pimboli]

I'd be all for them writing off some debt for people who are seriously in trouble, but don't you just know that people who are not in trouble will start to complain that they are being punished for being frugal and not getting caught up in the property bubble etc. Unfortunately it's all a vicious circle

The thing is only sellers got the benefit of the bubble, people still had to buy houses they just got shafted on the price.

I got my house 3.5 years ago and I could have waited but had I I'd still be renting now and I got 100% mortgage and more than I was entitled to get which if I tried now even with the prices coming down I probably only be able to afford a dump even with the deposit as to what Id be loaned.

I dont think there is anyone who bought in the bubble that isnt in massive negative equity at the moment.

[KOPSTAR]

70.000 + 1 if this keeps going

[Captain_Morgan]

have the banks announced they will be passing this on yet???

[callyno3]

have the banks announced they will be passing this on yet???

Yeah they have confirmed it all banks will pass it on.

And if you are looking to fix you probably have left it too late
Bank of Ireland and its ICS subsidiary have announced that they will be raising their fixed mortgage rates.
The increases ranging from 0.7% to 1.3% will come into effect from 15 apr
Its expected there will be 2 more rises this year :(

[Garrett]

I'm on a tracker so have been extremely fortunate to date, but this one is gonna cost me about 80 - 85 quid a month .... just what I didn't need right now, needless to say.

[babbsnads]

I'm on a tracker so have been extremely fortunate to date, but this one is gonna cost me about 80 - 85 quid a month .... just what I didn't need right now, needless to say.

The hike today or the expected hikes?

[callyno3]

Yeah they have confirmed it all banks will pass it on.

And if you are looking to fix you probably have left it too late

Its expected there will be 2 more rises this year :(


Seems They haven't confirmed it yet, some banks NIB aren't puttingup the variable

National Irish Bank has said it will not be increasing its variable mortgage rate from the current 3.4% following the ECB announcement. The bank also said it would not increase fixed rates, though its ECB-linked tracker mortgages will rise in line with the 0.25-point increase.

[jonnylpfc]

on top of all this de poxy tv licence has to be paid

[stamullenredmen]

country is gonna go to the dogs now.people will just be sitting at home all the time not spending on anything other than the essentials.and thats just people who actually have jobs what about those struggling on the scratcher

[bryanod]

Does anybody know what the historical "normal" level of centrall bank rates are?

[prendy]

Does anybody know what the historical "normal" level of centrall bank rates are?

not sure of the norm but the last 18 months were record low rates for the ECB.

[Anfield Old Boys]

I'd be all for them writing off some debt for people who are seriously in trouble, but don't you just know that people who are not in trouble will start to complain that they are being punished for being frugal and not getting caught up in the property bubble etc. Unfortunately it's all a vicious circle

Good points....this could become a never ending circle....I can't see any nama for ordinary property owners....

[bryanod]

not sure of the norm but the last 18 months were record low rates for the ECB.

Exactly, your looking at more like 2.5-3% by the end of 2012 as long as they haven't moved too early with this one.

They were never going to stay down there, its almost a surprise they lasted so long at 1%, its a negative real interest rate.

[F@ces]

country is gonna go to the dogs now.people will just be sitting at home all the time not spending on anything other than the essentials.and thats just people who actually have jobs what about those struggling on the scratcher

Tbh, that's exactly what's happening with my wife and I even though we both work. Crippled trying to keep up with bills/debt, and of course that's impacting my going to games etc as well. I cannot imagine what it's like for those currently unemployed.

[Derekc]

Personally i think there will have to be some sort of debt forgiveness for home owners.

I know it's an emotive subject as people who didn't buy at the height of the boom or didn't buy at all will feel aggrieved but unless something is done we are all screwed.

Some people who are in negative equity and struggling with mortgage repayments will end up losing their homes. This will exacerbate bank losses as they'll have to either hold onto empty houses or sell them at a loss.

Other people who are just about meeting their repayments will have nothing left to spend so you'll have a situation where a large portion of the population will be spending next to nothing in the economy.

The longer this goes on, the economy will drag along the floor doing nothing. This will effect everyone so people can bury their heads in the sand and say well i'm not helping my neighbour who borrowed recklessly but the longer that goes on the country is cutting of it's nose to spite it's face.

We will all have to suck it up and accept a form of debt forgiveness.

My two cents.

[D-Red]

Personally i think there will have to be some sort of debt forgiveness for home owners.

I know it's an emotive subject as people who didn't buy at the height of the boom or didn't buy at all will feel aggrieved but unless something is done we are all screwed.

Some people who are in negative equity and struggling with mortgage repayments will end up losing their homes. This will exacerbate bank losses as they'll have to either hold onto empty houses or sell them at a loss.

Other people who are just about meeting their repayments will have nothing left to spend so you'll have a situation where a large portion of the population will be spending next to nothing in the economy.

The longer this goes on, the economy will drag along the floor doing nothing. This will effect everyone so people can bury their heads in the sand and say well i'm not helping my neighbour who borrowed recklessly but the longer that goes on the country is cutting of it's nose to spite it's face.

We will all have to suck it up and accept a form of debt forgiveness.

My two cents.

That's a good post mate. Nicely put!

[mickdel]

Personally i think there will have to be some sort of debt forgiveness for home owners.

I know it's an emotive subject as people who didn't buy at the height of the boom or didn't buy at all will feel aggrieved but unless something is done we are all screwed.

Some people who are in negative equity and struggling with mortgage repayments will end up losing their homes. This will exacerbate bank losses as they'll have to either hold onto empty houses or sell them at a loss.

Other people who are just about meeting their repayments will have nothing left to spend so you'll have a situation where a large portion of the population will be spending next to nothing in the economy.

The longer this goes on, the economy will drag along the floor doing nothing. This will effect everyone so people can bury their heads in the sand and say well i'm not helping my neighbour who borrowed recklessly but the longer that goes on the country is cutting of it's nose to spite it's face.

We will all have to suck it up and accept a form of debt forgiveness.

My two cents.


Really good read...pity the ones in power aren't listening to u....

[F@ces]

@Derek - great post that.

The only thing I'll add is that for people like my wife and I, we bought what we could (a 3 bed duplex) as we were going to get married and perhaps some day start a family. It's what we could get, and of course we were all told "there's never a bad time to buy". Now I'm left with a property probably half it's original value, increasing mortgage rates, etc. I didn't go out recklessly buying investment properties - I just wanted a home for my family and thought it was the right thing to do.

I don't expect anyone else to bail me out - it is my problem, bad timing, bad luck, whatever. But as you say, this, by extension, will affect everyone. It is indeed an emotive subject.

[bryanod]

Stay of execution today for at least another month with the ECB only "monitoring closely" inflation rates.

[mickdel]

My mortgage still the same this month?? Usually get letter first to let me know rate has gone up but haven't got one yet.... anybody else the same???

[paulwex]

My mortgage still the same this month?? Usually get letter first to let me know rate has gone up but haven't got one yet.... anybody else the same???

Never received letter about change will know when payment comes out in few days:)

[bobby benitez]

My mortgage still the same this month?? Usually get letter first to let me know rate has gone up but haven't got one yet.... anybody else the same???

Some of the banks didn't pass it on to standard variable rate customers. Kind souls that they are:D

[mickdel]

Some of the banks didn't pass it on to standard variable rate customers. Kind souls that they are:D

Yes but i'm on a tracker so i my rate should ave went up...but it hasn't ...yet anyway....

[D-Red]

Some of the banks didn't pass it on to standard variable rate customers. Kind souls that they are:D

haha, yeah. I'll never know why people moan and whinge about the Irish banks. We should be proud.

My mortgage is fixed for another 2 years but jesus, I'm not half bricking it already about what happens after that :(

[Garrett]

I'm with NIB,

No letter as yet, but my last payment only went out about 10 days ago, so odds are I'll get both the letter and payment increase in time for the next monthly repayment.


Delighted we didn't get a furher 25bps increase today, though odds are the Germans will continue to press for further rate rises, so I fear we'll see at least 0.25%, if not 0.50% in further increases before the end of 2011.

All in all, I cannot complain though I was lucky enough to bed down a decent tracker mortgage when the time was right and I've already had significant benefits as a result, when I look at the many people who have standard rate variable mortgages or fixed rates with no tracker to return to.


Personally i think there will have to be some sort of debt forgiveness for home owners.

I know it's an emotive subject as people who didn't buy at the height of the boom or didn't buy at all will feel aggrieved but unless something is done we are all screwed.

Some people who are in negative equity and struggling with mortgage repayments will end up losing their homes. This will exacerbate bank losses as they'll have to either hold onto empty houses or sell them at a loss.

Other people who are just about meeting their repayments will have nothing left to spend so you'll have a situation where a large portion of the population will be spending next to nothing in the economy.

The longer this goes on, the economy will drag along the floor doing nothing. This will effect everyone so people can bury their heads in the sand and say well i'm not helping my neighbour who borrowed recklessly but the longer that goes on the country is cutting of it's nose to spite it's face.

We will all have to suck it up and accept a form of debt forgiveness.

My two cents.


While I agree with your logic mate, I cannot see this happening across the board. Sure the banks will look at situations on a case by case basis, but it will only be those who have lost their jobs, sold their houses and have nothing else left to give, who might get forgiven the balance outstanding.

Despite the massive amounts of money being pumped into the Irish Banks at present, there is no provision within these amounts to fund part write offs, of homeloans for the public at large.

With somewhere in the region of €80bn likely to be the ultimate figure involved, and the State unable to fund this level of borrowing long term, unless we manage to find a massive amount of natural reserves somewhere off the Irish coast and sell it for a fortune ... the Nation simply cannot fund it & probably couldn't even borrow it, if it wanted to.

Regretfully, we as individuals will be left to our own devices, while the large property borrowers will ultimately "get a pass" in one form or another.

[RedRay1]

Yes but i'm on a tracker so i my rate should ave went up...but it hasn't ...yet anyway....

Im in the same boat mate, im on a tracker but my mortgage never went up

[paulwex]

Im in the same boat mate, im on a tracker but my mortgage never went up

banks prob havent a clue who is on tracker or not hahahha:D

[mickdel]

Im in the same boat mate, im on a tracker but my mortgage never went up

Not complaining just ave to wait for it to go up i'd say....

[bobby benitez]

I got my letter a couple of weeks ago and paid the increase already. I'm with EBS.

[mickdel]

I got my letter a couple of weeks ago and paid the increase already. I'm with EBS.

With PTSB so maybe because rate increase was in middle of month or somethin they can't put it up till followin month??

[RedPaddy]

I'm with NIB,

No letter as yet, but my last payment only went out about 10 days ago, so odds are I'll get both the letter and payment increase in time for the next monthly repayment.


Delighted we didn't get a furher 25bps increase today, though odds are the Germans will continue to press for further rate rises, so I fear we'll see at least 0.25%, if not 0.50% in further increases before the end of 2011.

All in all, I cannot complain though I was lucky enough to bed down a decent tracker mortgage when the time was right and I've already had significant benefits as a result, when I look at the many people who have standard rate variable mortgages or fixed rates with no tracker to return to.





While I agree with your logic mate, I cannot see this happening across the board. Sure the banks will look at situations on a case by case basis, but it will only be those who have lost their jobs, sold their houses and have nothing else left to give, who might get forgiven the balance outstanding.

Despite the massive amounts of money being pumped into the Irish Banks at present, there is no provision within these amounts to fund part write offs, of homeloans for the public at large.

With somewhere in the region of €80bn likely to be the ultimate figure involved, and the State unable to fund this level of borrowing long term, unless we manage to find a massive amount of natural reserves somewhere off the Irish coast and sell it for a fortune ... the Nation simply cannot fund it & probably couldn't even borrow it, if it wanted to.

Regretfully, we as individuals will be left to our own devices, while the large property borrowers will ultimately "get a pass" in one form or another.

that's what drives me nuts...but should be for those in debt for their main residence & not the 'bandwagon' investment property some went for...

What boils my blood though, is seeing the 'full time slackers' (even in the boom) & immigrants on they're RAS schemes & what have ya, who's only pressure seems to be 'how to fill in the day' ......
Like many on here & alota people out there worse off, I have literly 'cents' to spend after all bills are paid - that's without any medical cover:(

[mickdel]

that's what drives me nuts...but should be for those in debt for their main residence & not the 'bandwagon' investment property some went for...

What boils my blood though, is seeing the 'full time slackers' (even in the boom) & immigrants on they're RAS schemes & what have ya, who's only pressure seems to be 'how to fill in the day' ......
Like many on here & alota people out there worse off, I have literly 'cents' to spend after all bills are paid - that's without any medical cover:(

Preachin mate to the converted.....same boat....

[Pimboli]

With PTSB so maybe because rate increase was in middle of month or somethin they can't put it up till followin month??

Mine didnt go up either. My mortages goes out on the 30th and I think the last change was made a few days later so PTSB had plenty of time to catch me this month. Im not complaining so long as they dont try and double up on the difference next month to catch up.

[mickdel]

Mine didnt go up either. My mortages goes out on the 30th and I think the last change was made a few days later so PTSB had plenty of time to catch me this month. Im not complaining so long as they dont try and double up on the difference next month to catch up.

Well if they do i'll be onto the Ombudsman as quick as a shot...there fault not mine...

[Pimboli]

I'm with NIB,

Despite the massive amounts of money being pumped into the Irish Banks at present, there is no provision within these amounts to fund part write offs, of homeloans for the public at large.



This is the thing, borrow a billion and it gets written off borrow a couple of hundred grand and screwed to the wall.

There is no easy fix for this, people that had to get on the ladder during the bubble certainly should have something written off as they were paying over the odds for houses and been given mortgages for more than they should have but then that was their choice (im in that category)

[RedPaddy]

This is the thing, borrow a billion and it gets written off borrow a couple of hundred grand and screwed to the wall.

There is no easy fix for this, people that had to get on the ladder during the bubble certainly should have something written off as they were paying over the odds for houses and been given mortgages for more than they should have but then that was their choice (im in that category)

my father preached to me from I was of an age to understand somewhat, that if you have to borrow money, borrow from 1 million up ,never in the thousands !

Used to laugh at the statement but how true it is !:rolleyes:

[PaddyW]

Owe the bank a hundred grand and they own you. Owe the bank a hundred million and you own the bank ;)

[Captain_Morgan]

I'm with NIB,
They are not passing the increase on mate

Im with PTSB and got the letter last week saying the increase is effective from may14th

[Garrett]

They are not passing the increase on mate

Im with PTSB and got the letter last week saying the increase is effective from may14th


Sorry to contradict you, but I can't see how NIB are not passing on the ECB rate rise, to those of us on Tracker Mortgages. It makes absolutely no commercial sense for them, what so ever .... though if your right, I'll be delighted to choke on some humble pie, needless to say :)


Don't forget everyone, PTSB are offering discounts on their tracker mortgages, for anyone who makes additional payments (for a limited time only), so if you've a few bob tucked away somewhere this might be worth considering, depending on your individual circumstances.

[F@ces]

Came home to a letter from UB regarding our mortgage - going to be a 0.6% increase from July 1st. So our mortgage per month, on a 3 bed duplex bought in 2007, is going to be (pre mortgage relief)....

€1726.69.

This is unreal. We are both lucky to be working, but it just appears all we're doing is paying debt/bills. How the hell can people afford this? What are people going to do?

This is so depressing :(

[Captain_Morgan]

thats a serious mortgage frank for an apartment, there is an absolute tsunami of mortgage defaults coming in this country in the next 2 years as people try to pay boom time mortgages on post boom time salaries

[F@ces]

thats a serious mortgage frank for an apartment, there is an absolute tsunami of mortgage defaults coming in this country in the next 2 years as people try to pay boom time mortgages on post boom time salaries

It's unreal mate. Feeling sorry for myself at the moment (going to games is already impacted enough!), but in fairness as I said at least we are working. God bless the poor souls that are becoming unemployed and now face defaulting. It's crazy what's going on, and utterly unsustainable. I know loads of people who are just paying the bills, and staying in all the time as they can afford nowt.

[Captain_Morgan]

It's unreal mate. Feeling sorry for myself at the moment (going to games is already impacted enough!), but in fairness as I said at least we are working. God bless the poor souls that are becoming unemployed and now face defaulting. It's crazy what's going on, and utterly unsustainable. I know loads of people who are just paying the bills, and staying in all the time as they can afford nowt.

Its crazy i was talking to a girl i went to school with last week and she is a single mother, on thursday she got a letter from ptsb saying her new payment was €1500, on friday she got let go from her job.

[F@ces]

Its crazy i was talking to a girl i went to school with last week and she is a single mother, on thursday she got a letter from ptsb saying her new payment was €1500, on friday she got let go from her job.

Oh jesus - that's unreal :( The poor girl.

[MrsPepe]

Jesus Frank, that some repayment

[Captain_Morgan]

dont you only have the interest relief for a certain amount of years???

I wish now that i listened to the advice all those years ago "Dont get married just get her pregnant and the council will give you a house"

:D

[Derekc]

Jesus Frank that's some mortgage, sorry for your troubles.

[Captain_Morgan]

it would be great if every mortgage holder in the country offered the banks the keys of the house back id say they'd sh1t themselves :D

[Garrett]

it would be great if every mortgage holder in the country offered the banks the keys of the house back id say they'd sh1t themselves :D

In any other country which might be facing a situation like ours, that would be a real possibility mate but here in our fair land, we'll just continue to bitch and moan in the pubs instead I'm afraid ;)

[leonsdaddy]

dont you only have the interest relief for a certain amount of years???

I wish now that i listened to the advice all those years ago "Dont get married just get her pregnant and the council will give you a house"

:D

You have it for 7 years. We are in our 3rd year at the moment and it really does help. I think they are trying to do away with it now are they not?

[Captain_Morgan]

You have it for 7 years. We are in our 3rd year at the moment and it really does help. I think they are trying to do away with it now are they not?

i think they are doing away with it for first time buyers and maybe extending it for people who already have it??? I could be wrong

Ill be sick when mine is up its worth €211 pm to me

[leonsdaddy]

Same here. The mrs is on maternity leave until september so things are very tight at the moment. But as bad as things are there are a lot worse off than us. Some of the stories I have heard are heartbreaking.

[irishgeo]

ulster bank hiking the variable rate up 0.6% on the 1st june.

from my cold dead hands Bank of ireland will get my tracker.

[F@ces]

dont you only have the interest relief for a certain amount of years???

I wish now that i listened to the advice all those years ago "Dont get married just get her pregnant and the council will give you a house"

:D

You have it for 7 years. We are in our 3rd year at the moment and it really does help. I think they are trying to do away with it now are they not?

Never even thought of length of time we have the relief for. Hmmm.

"Dont get married just get her pregnant and the council will give you a house" - that chap might have been right! :D

[elvis]

"Dont get married just get her pregnant and the council will give you a house" - that chap might have been right! :D

Seriously right mate. The amount of people I know doing this and living off the dole thinking they are great. Social Services never do anything either.Some of the youth of today really are a waste of space, and they give the rest a bad reputation.


Off-topic, did you manage to get that CV, and I'll hand it into HR?

[babbsnads]

Can anyone tell me how much extra per month(per 100,000) is a 0.6 percent rise. I'm with ulster bank and knew nothing about this rise till now. I'll be expecting a letter soon.

[red2005]

About €30 extra a month per 100,000 with them myself still waiting on the letter. I'm not to bad as bought my house in 2003 reading some of the posts on here feel sorry for people going to have to be some sort of debt forgiveness in this country or going to be chaos shortly.

[babbsnads]

About €30 extra a month per 100,000 with them myself still waiting on the letter. I'm not to bad as bought my house in 2003 reading some of the posts on here feel sorry for people going to have to be some sort of debt forgiveness in this country or going to be chaos shortly.

Cheers mate. Haven't got a huge mortgage myself and I'm lucky enough to have a decent job and I'm struggling. I can only imagine what it's like for some people.

[F@ces]

Seriously right mate. The amount of people I know doing this and living off the dole thinking they are great. Social Services never do anything either.Some of the youth of today really are a waste of space, and they give the rest a bad reputation.


Off-topic, did you manage to get that CV, and I'll hand it into HR?

I'll hopefully have it for you today. Ive had to get him to rewrite parts of his cv. Pm ya shortly. Cheers!

[vodkacolly]

I'll hopefully have it for you today. Ive had to get him to rewrite parts of his cv. Pm ya shortly. Cheers!

Relax mate, I'll sort you out.... :cool:
You can use my cover letter:

[F@ces]

Relax mate, I'll sort you out.... :cool:
You can use my cover letter:

Ha ha :D

[elvis]

I'll hopefully have it for you today. Ive had to get him to rewrite parts of his cv. Pm ya shortly. Cheers!

No worries, I could have gave it a quick edit for him before handing it in. Yeah sure give us a PM when its sorted.

[bryanod]

Bumpy for approx 1:30 today....

[Derekc]

Meant to be saying as they are this month but up next month.

[glen]

Heard that on the radio we are ok for another month

[Derekc]

http://www.rte.ie/news/2011/0609/ecb-business.html

[bryanod]

All aboard for some strong vigilance in July's hike.

[Captain_Morgan]

Paying for the bank bailout in our wages and paying for it again in our mortgages

[D-Red]

Paying for the bank bailout in our wages and paying for it again in our mortgages

Aye. Some fookin mess alright. We'll be paying for it for a long, long time too.

[bobby benitez]

Say EBS was go bust, would I owe my mortgage to anyone or is it a case of anyone with savings loses them and anyone with a loan is laughing? What happened with people who owed Lehman Brothers?

[prendy]

Say EBS was go bust, would I owe my mortgage to anyone or is it a case of anyone with savings loses them and anyone with a loan is laughing? What happened with people who owed Lehman Brothers?

if only :D


savers will lose out alright but someone will purchase the loan book so you will end up oweing someone else the money.

[bobby benitez]

if only :D


savers will lose out alright but someone will purchase the loan book so you will end up oweing someone else the money.

You know that for sure or are you just presuming? Say the country defaults (not unlikely), all the major banks are dependant on state funds so they collaspe too. Nobody would have any money so everyone would default, we all start from scratch, I get to keep my gaf, my ma loses her savings, chaos ensues and when the dust settles we have a debt free nation with a bad credit history.

[prendy]

You know that for sure or are you just presuming? Say the country defaults (not unlikely), all the major banks are dependant on state funds so they collaspe too. Nobody would have any money so everyone would default, we all start from scratch, I get to keep my gaf, my ma loses her savings, chaos ensues and when the dust settles we have a debt free nation with a bad credit history.

in that scenario then possibly you would be debt free, but its not a good scenario, you might have a free house but you wouldnt have anything else :(


If one bank goes though the banks creditors will sell off the loan book to try and re-coup any losses they incurred.

[bobby benitez]

in that scenario then possibly you would be debt free, but its not a good scenario, you might have a free house but you wouldnt have anything else :(



My net value would go from -€250k to €0 overnight. Not a bad days work;)

[Garrett]

Say EBS was go bust, would I owe my mortgage to anyone or is it a case of anyone with savings loses them and anyone with a loan is laughing? What happened with people who owed Lehman Brothers?

Hi mate,

Sorry to bring bad news, but the odds are if the EBS went bust:

- The Central Bank or ECB would have a claim on the loan book, in return for funding provided to the EBS

- Even if the above was not the case, then quite possibly the secured senior bond holders would have a claim on the loan book, for the same reason as the above ...

- Failing both of the above, it's also possible your loan was put into part of a bundle and sold off (securitised), but EBS were contracted to continue to manage it, so if the EBS went bust then the owners of the "bundle" of homeloans would have claim on it.

All said and done, there's no way your mortgage would be forgotten about I'm afraid, sorry mate.

As it stands, EBS will become a 100% subsidiary of AIB, which in turn will be approx 90% owned by the Irish State so in effect, just about everyone reading this post will soon have a claim on your homeloan as Irish Citizans mate and there's no way our lot will ever let you off the hook :D


(Anyone who is an EBS customer and has a savings book, might want to have a quick look at the interest rates they are paying btw - probably one of the worst rates in the country, if you've a share account (demand account) & now they have said that members (aka "owners") wont get any compensation (in cash or shares) when EBS is converted into a subsidiary of AIB, there is zero reason not to move your cash elsewhere and get a better interest rate ;) :))

[Captain_Morgan]

up .25% again, nice one trichet

[Benbecul97]

And another rate rise in the autumn before he goes.

[byrnetred]

up .25% again, nice one trichet
get onto KBC man, its well worth the phone call

[Captain_Morgan]

get onto KBC man, its well worth the phone call

done it already dave one of my best mates works there, they wont do it. The days of switching are over methinks

[Captain_Morgan]

Sure everyone give this page a like it will do no good but ye never know

http://www.facebook.com/pages/Stop-Passing-on-The-Interest-Rate-Increases/129013770515865?sk=wall

[F@ces]

Christ :(

I'd love if everyone in this country handed the keys back to the banks. This cant continue.

[Juan]

Its a constant struggle these days for families,with more increases to come.
There is going to be some load of mortgage defaults at this rate,ordinary people cant pay.

[glen]

Another hike in interest payments fcuk me not sure if I can afford this now

[brianmul189]

This is where standard of living comes into it. Being hit in all directions, pay reduction/freeze, increase in income tax, increase in mortgage repayments. All this money has to come out of what we used to spend to 'enjoy life'. Really about priorities now.

[Captain_Morgan]

This is boll*x i might only get to 15 games next year

[RedPaddy]

if only :D


savers will lose out alright but someone will purchase the loan book so you will end up oweing someone else the money.

that makes my blood boil ! fcuking b*stards:mad:

[Benbecul97]

Sure everyone give this page a like it will do no good but ye never know

http://www.facebook.com/pages/Stop-Passing-on-The-Interest-Rate-Increases/129013770515865?sk=wall

Whatever about the chances of putting pressure on banks not to increase interest rates when there is not an ECB rise, when there is an ECB rise no chance.

[bryanod]

Ah here lads did you expect rates to stay at a couple percent belwo the normal level forever or something? Will be at least one more before the year is out, or the second may be held off til early next year if your lucky.

[mickdel]

Ah here lads did you expect rates to stay at a couple percent belwo the normal level forever or something? Will be at least one more before the year is out, or the second may be held off til early next year if your lucky.

No word is another one come in another few months...

[Benbecul97]

Heard Eddie Hobbs on NewsTalk earlier and not only does he expect at least another 0.25% this year he expects them to rise sharply in the next few years, back towards the 4% mark of a few years ago.

[brianmul189]

The Germans making sure hyper inflation never happens again. Shame for us (understatement)

[bobby benitez]

Pat Rabbite was the radio earlier saying we're making great progress on getting the interest rate reduced on our bailout. Someone better tell that thick **** that it went up yesterday by another 0.25%:mad:

[D-Red]

Pat Rabbite was the radio earlier saying we're making great progress on getting the interest rate reduced on our bailout. Someone better tell that thick **** that it went up yesterday by another 0.25%:mad:

:D

It only went up by 0.25% for you and me.

[bobby benitez]

:D

It only went up by 0.25% for you and me.

Not according to newstalk yesterday. Some dude said when it goes up by 0.25% then thats quite a hit when you've borrowed €50 billion.

[rev]

It's only gonna keep going one way too I'm afraid...