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ECB President Mario Draghi Michael Probst/AP

All-time low: ECB cuts its main interest in boost to tracker mortgage holders

ECB president Mario Draghi has cut the rate for the fifth time in two years.

THE EUROPEAN CENTRAL Bank has cut its key interest rate by 25 basis points to a record low of 0.25 per cent this afternoon.

The news from the Frankfurt is a pre-Christmas boost to some 375,000 people who are on tracker mortgages that are tied to the ECB’s main interest rate for the eurozone.

The cut is the first in six months when ECB president Mario Draghi announced a similar 25 basis points cut to 0.75 per cent and today’s move marks his fifth since he took office as president in November 2011.

The cut is seen as a reaction to falling inflation and the latest forecasts that the eurozone economy will expand more slowly next year than previously expected.

The ECB’s main task is to keep the cost of living relatively unchanged meaning an ‘ideal’ inflation rate should be two per cent.

In October, inflation in the euro zone declined to an annual rate of 0.7 per cent.

That’s all folks: Troika wrap up their final visit to Ireland today

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106 Comments
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    Mute Joey JoeJoe Shabadoo
    Favourite Joey JoeJoe Shabadoo
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    Nov 7th 2013, 1:08 PM

    My mortgage interest rate will now be 1.35% (1.1% margin over ECB).

    Deee-lighted!

    212
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    Mute Montys Moonshine
    Favourite Montys Moonshine
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    Nov 7th 2013, 1:20 PM

    I love you tracker mortgage

    241
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    Mute Owen Brady
    Favourite Owen Brady
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    Nov 7th 2013, 1:26 PM

    I don,t know what a tracker mortgage is…..but I am delighted I have one.

    183
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    Mute Kevin Dobson
    Favourite Kevin Dobson
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    Nov 7th 2013, 1:27 PM

    My love of my tracker is wrong. It’s Mississippi type, cousins getting it on wrong. And yet. Yet it is real and undeniable and enduring.

    62
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    Mute Anti_Social_Network
    Favourite Anti_Social_Network
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    Nov 7th 2013, 1:28 PM

    u have one and don’t know what it is??

    10
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    Mute Kevin Dobson
    Favourite Kevin Dobson
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    Nov 7th 2013, 1:31 PM

    I didn’t know what it was when I signed up to it either. It was that or no mortgage. A mistake on the banks part in retrospect.

    98
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    Mute Rocky Dennis
    Favourite Rocky Dennis
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    Nov 7th 2013, 1:31 PM

    Happy Christmas from the ECB! :)

    94
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    Mute Dermot Ryan
    Favourite Dermot Ryan
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    Nov 7th 2013, 1:34 PM

    iT WASN’T A MISTAKE kEVIN ; IT WAS THE BEST WAY FOR THEM TO LEND YOU THE LARGEST CAPITAL BY KEEPING REPAYMENTS TO THE MINIMUM; THE MISTAKE THE BANKS MADE WAS THINKING THAT THE E.C.B. RATE WOULD GO UP NOT DOWN …
    SORRY FOR CAPS !

    68
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    Mute Joey JoeJoe Shabadoo
    Favourite Joey JoeJoe Shabadoo
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    Nov 7th 2013, 1:38 PM

    I love my tracker…. I’d marry it except the government say I cant.

    Wheres my referendum! :-D

    98
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    Mute Dermot Ryan
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    Nov 7th 2013, 1:54 PM

    pesky governemt Joey ; only serving those with love for another , no room for self love at all at all !

    20
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    Mute jgrcb
    Favourite jgrcb
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    Nov 7th 2013, 2:17 PM

    I did even better… got a loan to value valuation done during the boom based on that ulster bank cut my base rate from 1.1 to 0.85… so my new rate is (ecb) 0.25 + (banks base rate) 0.85 which is 1.1 happy days :-D

    31
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    Mute Dermot Ryan
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    Nov 7th 2013, 3:33 PM

    I’m delighted for people on trackers , the less money the banks get the better plus they void all other mortgages in A.I.B. and P.T.S.B. because of discrimination.

    28
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    Mute jgrcb
    Favourite jgrcb
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    Nov 7th 2013, 3:38 PM

    What are you on about..

    9
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    Mute Michael Farrell
    Favourite Michael Farrell
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    Nov 7th 2013, 3:51 PM

    Few extra bob i mo phóca. Woohoo!
    Only problem is we’re close to running out of these pleasant surprises now….

    30
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    Mute margaret
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    Nov 7th 2013, 4:48 PM

    Me too. Yes!!

    7
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    Mute Rob Cunningham
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    Nov 7th 2013, 5:43 PM

    This better be passed on to all customers!

    18
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    Mute Nigel O Keeffe
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    Nov 7th 2013, 6:08 PM

    Good to see the rates drop but where is this mystical low inflation they speak of…not in travel..rail…electric..gas..and whatever your having yourself.

    14
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    Mute GatheringYourMoney13
    Favourite GatheringYourMoney13
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    Nov 7th 2013, 8:31 PM

    Spot on Dermot.

    Sorry Sir We can only lend you €50K on a 30 year fixed or capped rate.
    But we can lend you €1.6 million on a
    tracker
    interest only
    low introductory
    10 x income
    100%+
    rate
    and we don’t even need a P60 or pay slips as we now allow you to certify your own income.
    Quick sign here!
    The end of the year is coming fast!
    I need the commission check to clear for Christmas Shopping.

    (Disclaimer: If it all goes wrong we will steal half of your income at source to bail ourselves out
    and will torture you for the rest of your very short life)

    11
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    Mute GatheringYourMoney13
    Favourite GatheringYourMoney13
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    Nov 7th 2013, 8:42 PM

    10′s of thousands of us are unknowingly entitled to be on trackers!!!
    Worth a read.
    http://www.askaboutmoney.com/showthread.php?t=176743
    http://www.askaboutmoney.com/showthread.php?t=176883
    Could mean an extra €100K+

    2
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    Mute Dermot Ryan
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    Nov 8th 2013, 1:27 AM

    correct gathering except they didn’t count on the Iirsh constitution !

    1
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    Mute Kerry Blake
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    Nov 7th 2013, 1:11 PM

    So does that mean our “pillar banks” will increase non tracker mortgages again to cover their tracker mortgage losses?

    186
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    Mute Norman Hunter
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    Nov 7th 2013, 1:19 PM

    Afraid it does but at least I think they will wait till after Christmas.

    45
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    Mute Buckwheat MacMillan
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    Nov 7th 2013, 1:26 PM

    Somebody has to pay the difference! Trackers rock!

    97
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    Mute Kevin Dobson
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    Nov 7th 2013, 1:32 PM

    Oh, the bitterness of backing the wrong horse….

    76
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    Mute Dermot Ryan
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    Nov 7th 2013, 1:35 PM

    uNFORTUNATELY FOR THE STatE OWNED BANKS THEY CANNOT RAISE THE OTHER RATES WITHOUT BREACHING EQUALITY PRINCIPLES ………..
    They know this and that is why they keep so close to politicians !

    11
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    Mute Norman Hunter
    Favourite Norman Hunter
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    Nov 7th 2013, 1:38 PM

    Kevin whom are you addressing?

    12
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    Mute Nigel O Keeffe
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    Nov 7th 2013, 1:42 PM

    Same..have a variable rate4.5%..can anyone give me an average variable rate?
    Why cant they be capped at a max over tracker..hard enough paying my own mortage without picking up the slack on trackers.

    74
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    Mute Peter_Artnold
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    Nov 7th 2013, 1:53 PM

    They increase them even though they can borrow at a much cheaper rate from the ECB now as well. So they are making a large saving there as well.

    25
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    Mute Kevin Dobson
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    Nov 7th 2013, 1:53 PM

    Norman- Who. “Who are you addressing?” Or “To whom was that addressed?” Since below you appointed yourself grammar commissioner, I thought I’d help you out.

    21
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    Mute Norman Hunter
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    Nov 7th 2013, 1:55 PM

    Fine but you still didn’t address my question,well?

    8
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    Mute Leonard Washington
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    Nov 7th 2013, 2:38 PM

    My fixed rate is up and I’m pondering the idea of fixing it again for another 3 to 4 years as I’m worried by taking the variable as I know full well the rate will go up. Decisions decisions

    18
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    Mute jgrcb
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    Nov 7th 2013, 2:47 PM

    You can bet your bus Leonard they’ll put them up again… there was a day they would begrudgingly pass the cut to variable but this goverment hasn’t bothered to fight for it anymore…

    31
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    Mute Tom Dallas
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    Nov 7th 2013, 1:37 PM

    AWESOME. Pretty soon my bank will be paying me for living in my house. Gotta love trackers….

    64
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    Mute Tom Dallas
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    Nov 7th 2013, 2:02 PM

    Heard from a fella in the pub on Saturday that Mario Draghi has family living in Borrisokane word is the O’Draghi’s from borris have a once off self build and are currently struggling to pay the aul mortgage so Uncle Mario decided to pull a few strings at EU level and drop the rate. Fair play the O’Draghis.

    38
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    Mute TheLoneHurler
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    Nov 7th 2013, 1:11 PM

    Good news… coupled with falling oil prices this should help things to recover.

    42
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    Mute Montys Moonshine
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    Nov 7th 2013, 1:21 PM

    Falling oil prices you say??

    17
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    Mute TheLoneHurler
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    Nov 7th 2013, 1:23 PM

    Yup, €83 a barrel of oil a few weeks ago, slipped below €70 yesterday… you should notice a bit of a fall in road fuel prices in your area already unless the local station is taking advantage…

    56
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    Mute TheLoneHurler
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    Nov 7th 2013, 1:25 PM

    http://www.exchangerates.org.uk/commodities/live-oil-prices/OIL-EUR.html

    Whoops, back up to €71 today… I guess the market gougers don’t like the new low interest rate… hopefully prices don’t rise much further.

    20
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    Mute Montys Moonshine
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    Nov 7th 2013, 1:26 PM

    I like the sound of that. My week has brightened up a bit

    20
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    Mute Scarr
    Favourite Scarr
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    Nov 7th 2013, 1:46 PM

    Falling oil prices could also be an indication of a lack of production demand. As economies recover, production demand increases and oil prices rise.

    20
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    Mute TheLoneHurler
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    Nov 7th 2013, 1:57 PM

    Alot of different factors play into it Scarr… but for the moment, let’s enjoy the little relief there is to high fuel costs!!!

    14
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    Mute Scarr
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    Nov 7th 2013, 2:04 PM

    Every silver lining has a cloud. :)

    12
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    Mute Ignoreland
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    Nov 7th 2013, 2:19 PM

    Exactly Scarr. However, a big game changer in the US is shale gas and the fact that in a few years they’ll become a net exporter of oil. So that’s going to have a serious impact on OPEC and their ability to manipulate oil prices, not to mention the fact that it’ll mean US interests in the middle east will decline. http://www.bloomberg.com/news/2012-02-29/u-s-was-net-oil-product-exporter-in-2011.html

    14
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    Mute margaret
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    Nov 7th 2013, 4:45 PM

    Amen to that!

    1
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    Mute Anti_Social_Network
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    Nov 7th 2013, 6:23 PM

    He means artificially suppressed oil prices.

    1
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    Mute Jack Bowden
    Favourite Jack Bowden
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    Nov 7th 2013, 9:03 PM

    New fracking technology means low oil prices are here for the next 20 or 30 years at least. It means countries have underestimated their oil reserves.
    Happy days!!
    Low inflationary pressures means low interest rates. So not all bad for indebted Europe, Japan and the USA!

    1
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    Mute Stephen O'Callaghan
    Favourite Stephen O'Callaghan
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    Nov 8th 2013, 8:51 PM

    Inflation is not all bad. If you owe a lot of money inflation helps erode the real debt.
    People who took out large mortgages but now live in a. “low “

    1
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    Mute Stephen O'Callaghan
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    Nov 8th 2013, 9:03 PM

    … inflation economy are feeling the pain and will be for a long time(comment posted too early above).

    1
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    Mute Matthew Hyland
    Favourite Matthew Hyland
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    Nov 7th 2013, 1:47 PM

    Now paying 1% interest. Let the good times roll!
    Was thinking of ringing them to wipe it altogether?! I’m costing them money!

    41
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    Mute Paul Sheehan
    Favourite Paul Sheehan
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    Nov 7th 2013, 2:17 PM

    I have a 60 BP tracker with Ulster Bank. So my mortgage is now @ 0.85 interest.

    Jackpot. Screw you Ulster bank.

    37
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    Mute Ricky Spanish
    Favourite Ricky Spanish
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    Nov 7th 2013, 2:40 PM

    Wow… the app went all glitchy there.

    Didnt mean to congratualte you 5 times over!

    13
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    Mute Pauliebhoy
    Favourite Pauliebhoy
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    Nov 7th 2013, 2:40 PM

    That’s a lot of wondering you’re doing!

    20
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    Mute AlMar
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    Nov 7th 2013, 3:14 PM

    My rate is 0.5% over the ECB rate, so my rate is now 0.75%. And I do believe that that is, in fact, the lowest rate in the country…

    28
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    Mute Niall Nestor
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    Nov 7th 2013, 4:58 PM

    Yes national irish bank. My tracker is .51 and the ecb new rate of .25
    My new interest rate is .76 belive it or not. At the time they calculated it at 50% loan to value ratio.

    9
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    Mute Kevin Dobson
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    Nov 7th 2013, 1:29 PM

    It’s the great unspoken masse in Ireland, isn’t it? The large swathe of people effectively better off since the economic downturn thanks to Trackers.

    34
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    Mute Dermot Ryan
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    Nov 7th 2013, 1:41 PM

    well spotted kevin ; in state owned banks the failure to equalise the mortgages of the citizens is a breach of equality principles and the equalisation in european law , not that I as an irishman have to recognise european law ….
    #my twin has a tracker I don’t so what do you do ; rob your twin ; this is where politicians think they have us by the balls ; they don’t.

    10
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    Mute Kevin Dobson
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    Nov 7th 2013, 1:56 PM

    Ah, Dermot. We disagree there. People who took a tracker rolled the dice and won. People who took the variable rolled it and lost. It’s a free country, so if you chose a variable and that went against you, it’s bad luck- but you made the call, I’m afraid.

    42
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    Mute TheLoneHurler
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    Nov 7th 2013, 1:59 PM

    I took a fixed rate and enjoy a very stable household budget… feck it if I am going to be at the whims of the markets, they don’t love me, I certainly don’t love them!!!

    10
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    Mute Scarr
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    Nov 7th 2013, 2:07 PM

    Ah but Kevin. Some could not afford the rates that a tracker required when they were available, so there was no dice to roll in effect.

    13
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    Mute Mark Wallace
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    Nov 7th 2013, 3:13 PM

    @ Scarr. Tracker was always the cheapest option no? When my initial fixed rate expired just before the crash, the tracker was by far the cheapest option I had and that’s why I picked it.

    9
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    Mute Dermot Ryan
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    Nov 7th 2013, 3:37 PM

    your argument is correct prior to Bank bailout Kevin; the bank guarantee changed the rules because as a State-owned institution it cannot discriminate; Rent allowance is equalised so too should mortgages owned by the State.
    Your argument holds for Bank of Ireland , Ulster bank etc. but not A.I.B. and P.T.S.B……
    Furthermore neither state owned bank can be sold without referendum ; politicians and bankers know this as do all those who hold exploration licences ………why do you think bribery is such a part of Irish political life ?

    2
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    Mute jgrcb
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    Nov 7th 2013, 3:55 PM

    Banks are not 100% state owned.

    5
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    Mute Colin C
    Favourite Colin C
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    Nov 7th 2013, 4:20 PM

    Good luck with that wishful thinking Dermot.

    3
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    Mute Alex McDwyer
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    Nov 7th 2013, 5:55 PM

    @ Mark when the fixed part of our mortgage ended the tracker was the more expensive option over a variable rate in 2008. We gambled on the tracker and fortunately won.

    3
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    Mute Dermot Ryan
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    Nov 8th 2013, 1:28 AM

    good luck with your head in the sand Colin !

    1
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    Mute Pete Cool
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    Nov 7th 2013, 2:03 PM

    The bad thing about having a Tracker mortgage is that the mortgagee probably bought at the height of the boom and probably paid over the odds for the house :)

    29
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    Mute Norman Hunter
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    Nov 7th 2013, 2:08 PM

    Pete you’re wrong there is nothing bad about having a tracker, the negative equity might be a killer but not been at the mercy of the banks need for profit as variable rate customers are is a plus.

    15
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    Mute Peter_Artnold
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    Nov 7th 2013, 3:57 PM

    I’d rather have 250k on a tracker than 100k at 4.5%

    11
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    Mute Ted Carroll
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    Nov 7th 2013, 5:32 PM

    Norman what he’s saying is that the time most people on trackers bought was coming towards the absolute peak of the housing bubble. Your mortgage is going well for you with the rates as they are but the chances are you have taken a significant hit on the house that you bought in capital terms. Obvioulsy I don’t mean you specifically but I think he means the general public.

    Obviously it’s still better to be on a tracker mortgage in negative equity than a variable in negative equity which is pretty much as bad as it gets at the moment.

    2
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    Mute jgrcb
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    Nov 7th 2013, 6:24 PM

    When tracker rates rise the banks will also put up their variable rates by the same percentage… in the 80′s variables were at 17 percent….

    4
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    Mute David Harrington
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    Nov 7th 2013, 1:53 PM

    Can someone please explain to me how banks lose money on tracker mortgages? I thought the whole point was that the banks pay whatever the ECB rate is on their own borrowings, but the mortgage holders pay whatever the ECB rate is plus an extra percent or two on top of it. If that is the case would they not still be making money on whatever that interest rate they charge on top of the ECB rate is? Or, have our banks borrowed from private institutions which charge higher interest rates than the ECB rate?

    17
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    Mute Joey JoeJoe Shabadoo
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    Nov 7th 2013, 1:58 PM

    Interbank lending rates are still high.

    Though over the life of a mortgage, trackers will be profitable.

    13
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    Mute eric nelligan
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    Nov 7th 2013, 2:06 PM

    What happens is that when you borrow x amount from the bank, the bank does not borrow this x amount straight up so is not tied to the same scale.

    The bank borrows on condition that it pays back a smaller portion of x amount every year for a set period.

    So you are getting the benefit of borrowing when credit was cheap, and repaying on those cheap credit levels, the banks are now repaying on current levels where credit is far higher.

    So banks are losing money on tracker mortgages as they speculated that rates would not rise drastically, unfortunately variable borrowers are now having to pay the difference.

    14
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    Mute David Harrington
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    Nov 7th 2013, 2:08 PM

    Ok I get it now. Thanks guys.

    12
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    Mute Stephen McGovern
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    Nov 7th 2013, 4:49 PM

    Happy days. When my 5 year fixed rate was up in August, my contract said they had to offer me a tracker. They offered me 10 different variables, and then the small print mentioned the tracker, cut my repayments in half.

    15
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    Mute Silent Majority
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    Nov 7th 2013, 1:22 PM

    We’re only 25bps away from European QE so – only so long the Germans can hold out.

    13
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    Mute Peter_Artnold
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    Nov 7th 2013, 1:57 PM

    In reality we are already there. Interest rates have declined to rock bottom and yet Europe is still only barely growing with half of it in decline.

    14
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    Mute Dee4
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    Nov 7th 2013, 1:12 PM

    pushing on a string, they are getting desperate

    11
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    Mute DaveMac
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    Nov 7th 2013, 1:48 PM

    Still in Negative Equity though aren’t y’all with your mortgages

    9
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    Mute Norman Hunter
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    Nov 7th 2013, 1:51 PM

    No actually, my mortgage is less than my homes value, this latest cut reduces my monthly payment again but I try not to rub other people’s noses in it unlike some other commentators.

    45
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    Mute Trevor Beale
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    Nov 7th 2013, 1:54 PM

    Don’t burst people’s bubble Dave. Let them enjoy their good news. Hail to the ‘tracker people’.

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    Mute jgrcb
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    Nov 7th 2013, 4:01 PM

    And anyone that has a tracker in dublin is extra lucky work house price rises…

    6
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    Mute Anti_Social_Network
    Favourite Anti_Social_Network
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    Nov 7th 2013, 1:30 PM

    Great news for some.
    Make the most of it The money you have been paying for them is going to become worthless!

    6
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    Mute jgrcb
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    Nov 7th 2013, 3:35 PM

    Feck… how?

    4
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    Mute Anti_Social_Network
    Favourite Anti_Social_Network
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    Nov 7th 2013, 4:25 PM

    A tin of baked beans is going to end up costing 6euro each – electric water costs will rise up
    To use a typical example-
    Your (excuse the generalisation) shoe box house bought for 300k and now worth 100k is worth far less than it was – but you will be able to afford the easy repayments.
    You will probably find solace in the fact that people renting will also have to fork out rent and buy 6euro cans of beans. But isnt that how the property boom occured. Rising social mobility founded on people swapping houses but giving banks commission each time through loans?

    You will by 2020 have probably done better to buy 1000 tins of baked beans assuming the best before date holds out.

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    Mute jgrcb
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    Nov 7th 2013, 4:42 PM

    And no more drugs for you today.

    13
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    Mute Anti_Social_Network
    Favourite Anti_Social_Network
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    Nov 7th 2013, 6:22 PM

    You will be on here crying that FG or FF or anyone else for that matter is to blame for your tracker .
    Why didn’t somebody tell you interest rates were going to go up to 8 percent!

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    Mute Buckwheat MacMillan
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    Nov 7th 2013, 7:16 PM

    I’m sure you wait wait eagerly until that day ASN!

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    Mute Merliza Pader Lahive
    Favourite Merliza Pader Lahive
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    Nov 7th 2013, 4:01 PM

    I love how the variable rate has gone throught the roof when thr ECB has gone through the floor. Next round of trackers anyone? House prices are rising so I give it 10 yrs.

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    Mute Martin Smith
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    Nov 7th 2013, 4:42 PM

    and cue irish banks increasing mortgage interest rates and noonan,gilmore and kenny trot out to inform people that there is nothing they can do……

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    Mute Brian Meleady
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    Nov 7th 2013, 6:34 PM

    Now just.watch FG/Labour introduce a tax to negate any benefit that would have benefited the economy.

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    Mute Andrew Matheson
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    Nov 7th 2013, 6:23 PM

    I be the banks don’t pass it in to us poor variable mortgage holders!

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    Mute Michael
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    Nov 7th 2013, 7:39 PM

    Money is too cheap. This next recession is going to hurt.

    A lot.

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    Mute John Donnelly
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    Nov 7th 2013, 6:48 PM

    Stupid stupid people. Low base rates fuel inflation. For every euro you save in mortgage payments you will lose more than double through the reduced value of your pensions, wages and houses. Banks are making 40 fold profits by borrowing essentially for less than inflation and lending at comparatively extortionate rates. THIS WILL NOT BENEFIT YOU!

    3
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    Mute Colin C
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    Nov 7th 2013, 9:11 PM

    We need a little inflation to wind out our debts. Unfortunately, inflation is falling which is why this was done. We need people spending more, saving less and generating jobs. Money sitting in the bank might be great for the individual but is terrible for an economy at risk of deflation.

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    Mute Joey JoeJoe Shabadoo
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    Nov 7th 2013, 2:26 PM

    Absolutely…

    I have negative equity coming out my ass.

    However we dont need to move, so for now its fine.

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    Mute Andrew Weir
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    Nov 7th 2013, 10:37 PM

    Hark at all the armchair economists. The world will still turn and the sun will still rise every day for a long time to come regardless of what the ECB does and people should remember that.

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    Mute Lisa Flanagan Keenan
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    Nov 7th 2013, 3:55 PM

    Yipppppeeee

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    Mute David Cullinane
    Favourite David Cullinane
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    Nov 8th 2013, 5:04 PM

    Got to love the tracker, 0.85% interest on my mortgage, bring it on. Word is they’ll do to 0% in the new year

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    Mute Steven Coldrick
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    Nov 7th 2013, 11:29 PM

    Isn’t now finally time Bank of Ireland reduced its standard variable rate they continually react with an increase or no change !
    trackers are not the only borrowers in the Emerald Isle tax haven ;-) that need to buy Christmas presents !

    1
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