Ireland, along with Greece, endures the highest mortgage rates in EU
Overall trend appears to be downward, albeit very, very slowly The only meagre consolation here is that our average interest rates fell by 0.11% in the year to last November. Picture: Pexel
Fri, 22 Jan, 2021 - 10:56
John Hearne Who pays the highest mortgage rates in the EU? We do, together with the Greeks. According to the Central Bank of Ireland’s latest interest rate bulleting released this week the average interest rate on new mortgages agreed in November was 2.79%. That’s over twice the EU average of 1.31%. Just to give you some idea of what’s available elsewhere: Last summer, Jyske Bank in Denmark launched the world’s first negative interest rate mortgage. Homeowners who take out a 10-year fixed mortgage make their repayment as usual, but the total borrowed actually reduces by more than the borrower has paid.
CCPC rejects plans by four Irish banks to set up an industry-wide quick payment app
The CCPC was notified of the proposal from AIB, BOI, KBC and Permanent TSB earlier this month. By Hayley Halpin Thursday 21 Jan 2021, 8:08 PM Jan 21st 2021, 8:08 PM 29,636 Views 31 Comments
Image: Shutterstock/VAKS-Stock Agency
Image: Shutterstock/VAKS-Stock Agency
A MUTLI-BANKING app that allows users to send and make immediate payments, similar to services like Revolut, which was to be run by four Irish banks, has been rejected by the Competition and Consumer Protection Commission (CCPC).
The proposed joint venture between AIB, Bank of Ireland, Permanent TSB and KBC Bank Ireland was notified to the CCPC earlier this month.
THE competition watchdog has issued an initial rejection plans by four banks to come together to produce an instant payments app that would compete with fintech Revolut.
The Competition and Consumer Protection Commission (CCPC) said it has rejected the merger notification relating to a proposed joint venture between Allied Irish Banks, Bank of Ireland, Permanent TSB and KBC.
Earlier this month the Irish Independent had revealed that the four banks had sought permission from the competition watchdog to jointly develop an instant payment system.
The move represents the first joint venture between the main banks here in more than 20 years.
A plan by a group of Irish banks to set up an instant money-transfer app to take on the likes of Revolut and N26 has hit a stumbling block, as the Competition and Consumer Protection Commission (CCPC) pushed back their application to set up a joint venture because they did not provide enough information.
Project
The project is being co-ordinated by Banking & Payments Federation Ireland (BPFI) and Italian fintech giant Sia has been lined up to provide the technology.
âFollowing a preliminary review of the notification, the CCPC has formed the view that the notifying parties have not provided full details of the proposed transaction as required,â the CCPC said in a statement on Thursday evening.