Austin INCREASES His Interest Rate Charges

As expected IIB quietly increased their Interest Charges yesterday with mor eto follow during the week. Austin has been very quiet all week and will no doubt be extremely quiet next week.

The ECB cannot be blamed in any way for Austin raising his own charges . Puhleease . … 52905.html

I would have thought that the switcher business would be the most lucrative at the minute,
given that most of those switching would already have a chunk of their mortgage PAID off, and would therefore represent a lower risk than a new borrower who risks being in negative equity!

I warned you about all this a few weeks back in this thread … t=freefall

I note that the absolute 80% max LTV was also introduced yesterday, initially by Start and GE according to that Indo article.

I also warned ye then that topups and remortgages were to be reviewed dramatically did I not 8)

Simply put, 80% will be the new 100% …and very shortly so everywhere.

Never doubted ya 2pack, I did have a conversation though yesterday with a friend flogging her house for 290. She thinks its great as it will bring more people into her starter home bracket and out of the 350 bracket so she won’t have to lower her price to shift her house. I used common sense and asked her how her dad was. He was sick for a while. When finished I hung up and returned to reality safe in the knowledge another pointless and damaging argument was averted.

Personally I think I’ve grown in the past two years.

aint nobody gettin younger

Hey 2Pack you seem to get a lot of this stuff right before time. How come? :smiley:

probably because I am not a lazy thick press release regurgitating Irish ‘Business’ journalist .

Look, if you want to give 2Pack a big head, resting on his laurels, ending with giving us something similar to the trash the ‘VIs’ fed the common man in days gone, keep this up.

Otherwise keep quiet and let him continue to burn the midnight oil!!!

More details in today’s Times:


I’m looking forward to Austin’s next interview.

“Bumbling beardy idiot apologises profusely for deceiving people and being so consistently and horrendously WRONG”.

I wouldn’t be holding out too much hope of that. He’ll pull a Bertie on it and talk about it without actually saying some while simultaneously implying that sure he said this was inevitable all along but don’t worry once the ECB drops its rates (which its going to do any day now) the rates nationwide will also drop and the “property blip” will be over and normal services will resume. If he’s really got his Bertie-trousers on he’ll manage to agree with five other contradictory points of view also. :wink:

xman said

I think you need a conscience and a brain to do that so obviously its just out of the question to expect this type of human realism.

But didnt Austin say ECB rates would be coming down, not his own ?

He did say there would be some relief for homeowners by the end of the summer.

He’d better get his rubber gloves ready…

Ah he’ll be right eventually, but maybe not anytime soon.

It reminds me of the DMcW arguements - “well he’s being saying that for 8 years, he’s bound to get it right at some stage”, “a stopped clock is right twice a day” yada yada yada

The ECB must be raging it cant increase rates, now that inflation is seriously above target.
All they are doing is holding out in the hope that markets will correct themselves in the meantime.

However, even with this liquidity crisis, its only a matter of time before they raise rates.
Their patience is running thin.
The question now, of course is, not if, but when and by how much ?

Anyone who thinks a stong euro is off-putting better think again.
German manufacturing is still very strong, with exports increasing.
Remember during the currency crisis when the old pound reached parity with sterling.
Everyone thought our economy couldnt take it.
But it did. Because back then we were a lot more competitive.
Similarly, Germany can take a stong euro.

Unfortunately, If Ireland cant, then, as far as the ECB is concerned - tough !

Hey Mr Anderson

I haven’t seen a market update from you in a while. (Perhaps I’ve missed a post) As our resident EA and someone who gives it fairly straight are we over egging the pudding here or are things as bad on the ground as they would appear?

They’re not that bothered at the moment, given that disintermediation and a tightening in money markets is doing some of the job for them. We are not really in any different position (from a monetary policy perspecitve) than we would have been had the credit crisis not hit and they had pushed the Refi rate up to 4.75-5%.

What they are doing is watching for the time when LIBOR/EURIBOR begins to fall back again, at which point they are going to be tempted to raise the Refi to meet it. The recent talk form the Council members is designed to lay the ground for when that time comes.

Of course, they will just go ahead and raise the Refi anyway if they believe 5%+ rate are warranted (ie. move Refi to 4.5% and hence drive Money market rates up to 5.5% say)

Here you go…

“There’s never been a better time to buy” :wink: