Search Results for 'Rachel McGovern'

Commenting on the most recent Residential Mortgage Arrears and Repossessions from the Central Bank for Q4 2020, Brokers Ireland noted that while a reduction in the number of arrears cases is positive, they are still far too high and not enough is being done to address the issue which, well over a decade on from the financial crash, is impacting Ireland’s disproportionately higher mortgage interest rates than those of the euro area.

Commenting on the most recent CSO Pensions Coverage 2020 report, Brokers Ireland said it must first be acknowledged that 20 percent of the population, those who most need pension coverage, were not included in the study because they were unemployed.

Commenting on the most recent Central Bank Retail Interest Rates publication, Brokers Ireland said the drop in the weighted average interest rate on new mortgages in December to 2.76 from 2.79 the previous month is to be welcomed, even if the rate remains the second highest in the euro area behind Greece.

Commenting on the Central Bank Credit and Debit Card Statistics for November 2020, Brokers Ireland noted that €595 million was spent on e-commence transactions in the month, a figure it predicts will have substantially increased in December, although figures are not yet available, and advised of the very high cost of such credit if bills are not paid on time.

Responding to the most recent Central Bank Economic Letter on mortgage switching, Brokers Ireland said more needs to be done to educate consumers and help them overcome the “in-built culture of not switching.”

As the Central Bank’s retail interest rates for August reveal a continuing wide gap between Irish and euro area mortgage holders, with Irish consumers paying 2.83 percent compared with 1.35 percent on average across the euro area, a differential of 1.48 percent, Brokers Ireland said there is not enough competition in the Irish mortgage market and Irish consumers may have to wait until they can access mortgages across EU borders before we’re likely to see strong competition.

As the Central Bank’s retail interest rates reveal a continuing gap, 1.46 percent for June, between Irish and euro area mortgage holders, with Irish consumers paying this excess (2.79 percent Irish versus 1.33 percent euro area average), the writing may be on the wall for this high level of divergence, given the entry of more competition into the Irish market, Brokers Ireland has said.

Commenting on the most recent Residential Mortgage Arrears and Repossessions from the Central Bank for Q1 2020, Brokers Ireland said while it is positive that long-term arrears are showing signs of improvement they are not what they should be and there is strong evidence of ‘extend and pretend’ particularly in relation to longer term arrears.

Commenting on the most recent Central Bank report on retail interest rates for May, Brokers Ireland said not only are Irish mortgage holders paying much higher interest rates than their euro area counterparts but Irish SMEs are being “absolutely fleeced” by comparison with their euro area businesses.

Brokers Ireland has appealed to politicians to consider very carefully the No Consent, No Sale Bill 2019 currently going through the Oireachtas on the basis that it is likely to negatively impact mortgage holders in terms of interest rates and stymie badly needed competition in the banking sector.