News1 min ago
Halifax
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Halifax are pulling out of Ireland. Just a heads up to any of their customers in the UK - I spoke to one of the poor sods losing their jobs today, and she confirmed that us customers in Ireland are on our own; credit cards to be stopped in 3 months and all balances to be paid off in full by May 20th. Should be an interesting few months for some of us. Just be aware if you have a balance owed to them.
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// Frank Conway of the Irish Mortgage Corporation said that yesterday's announcement was not a surprise as the Scottish bank had been effectively closed for almost two years.
"It was pushing away business by offering very high mortgage rates. Its five-year rate is 7.75pc, more than double the five-year rate offered by rival AIB," he added.
"The bank has a significant loan portfolio where many mortgages were offered on an interest-only basis for the full term of the loan," Mr Conway added.
The bank, which shook up the banking market here with mortgages that were 1pc cheaper than its rivals in 1999, is to stop taking on new business from now on.
It introduced tracker rate mortgages to this market, but has now decided that it cannot sustain the losses involved in trying to undercut rivals to build a business of scale to justify the cost of running 44 retail branches.
The bank insisted yesterday: "Customers do not need to do anything at this stage and customers' savings and investments remain secure."
However, although current account holders, credit card customers and variable rate depositors will still be able to avail of banking services until May, the bank warned that "ultimately these accounts will close". //
http://www.independen...er-banks-2055654.html
Less competition in the Irish banking market will mean that those left can put up their prices.
"It was pushing away business by offering very high mortgage rates. Its five-year rate is 7.75pc, more than double the five-year rate offered by rival AIB," he added.
"The bank has a significant loan portfolio where many mortgages were offered on an interest-only basis for the full term of the loan," Mr Conway added.
The bank, which shook up the banking market here with mortgages that were 1pc cheaper than its rivals in 1999, is to stop taking on new business from now on.
It introduced tracker rate mortgages to this market, but has now decided that it cannot sustain the losses involved in trying to undercut rivals to build a business of scale to justify the cost of running 44 retail branches.
The bank insisted yesterday: "Customers do not need to do anything at this stage and customers' savings and investments remain secure."
However, although current account holders, credit card customers and variable rate depositors will still be able to avail of banking services until May, the bank warned that "ultimately these accounts will close". //
http://www.independen...er-banks-2055654.html
Less competition in the Irish banking market will mean that those left can put up their prices.
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