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HOMEOWNERS WITH TRACKER mortgages are being warned to prepare for a wave of increases to their monthly mortgage repayments after the European Central Bank today raised the interest rate it charges for lending to individual banks.
Those on tracker mortgages will have their repayments therefore immediately increased – while others on variable rate mortgages could also feel the pinch if the lenders themselves pass on the cost to those customers.
The increase is the first of what could be many in the coming months, as the ECB tries to stop the Eurozone’s inflation rate from getting beyond control – so below we’ve listed how much today’s increase will cost you.
Our figures are sorted by the total duration of your mortgage, and then its total value. Each figure refers to today’s 0.25 per cent increase only.
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Brian Lenihan spent the last 2 years buying out Anglo debt and converting it to state debt, so that this could not be done. He worked hard to prevent this and unfortunately it was one of the few areas that he achieved in. There is only the scraps left now, but at least it is something. Traitorous bastard.
As Moan Burton says “A reply I have received to a written parliamentary question to the Minister for Finance, Brian Lenihan, has confirmed that the bulk of the Anglo Irish bondholders have already been bailed out.
The reply (copy below) confirms that only €4bn of senior Anglo bonds, and €2.4bn of the subordinate debt, remain which are not guaranteed by taxpayers.
Anglo has already been given €4bn in cash, €18.88bn in promissory notes and a commitment of another €6.4bn in promissory notes (totalling €29.28bn).
On Black Thursday, September 30th, Lenihan said that the bill for Anglo could be even €5bn higher (which could bring the total tab for Anglo alone to nearly €20,000 k for every person working in the country).
Interest on Anglo bailout alone could run to €1.5bn a year for the next decade, adding to the spending cuts and tax hikes needed to meet fiscal targets.
It is a disgrace that two years were wasted, and bondholders quietly repaid in full, in the two years since the initial bank guarantee was introduced.
It is amazing that the govt. did not use this time to introduce a Special Resolution Mechanism for banks, as was done in the UK after the collapse of Northern Rock for instance, which would have allowed a sharing of the burden between bondholders and taxpayers.
Columnists in the Financial Times and The Economist, amongst others, are baffled by Fianna Fáil’s determination to pile all the pain on taxpayers while professional investors who took a punt on our banks get away scot-free.
The disclosures in this reply will greatly add to the public anger at the huge financial millstone that Fianna Fail has placed around the necks of successive generations of Irish taxpayers.
Sure Pearse Doherty SF was the first to speak of burning the bond holders and all the other partys and news media looked down their nose at him. He was way ahead.
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