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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Tue Sep 25, 2018 12:12 pm 
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Too Big to Fail
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Well An Posts last foray into a banking partnership went splat with the collapse of Fortis.

However this whole thing really just seems like kite flying considering the An Post group needed a bailout last year

Quote:
The downsizing of the management team and restructuring of the business into two new distinct businesses: An Post Mails and Parcels and An Post Retail (Post Offices), each with full P&L responsibility and focus on product development and operational excellence.

http://anpost.ie/AnPost/MainContent/Abo ... pose=basic

Sounds like the Post Offices part will become the host to a commercial bank, which is shít considering that when I'm buying stamps in England I'm constantly bombarded with sales pitches for broadband packages, insurance cover etc....

I'm highly dubious anything with come of this considering An Post group needed a 30m investment last year to help restructure after 8m losses I think.

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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Tue Sep 25, 2018 8:52 pm 
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So let me get this straight. An Post Group was on the verge of bankruptcy last year and needed a rapid increase in the cost of stamps rammed through to keep the wolf from the door.

Now it's going to offer mortgages - a business it has no background in whatsoever - at a price that the incumbents can't match?

I mean it must be true because the Minister for Communications tweeted the story, but still.......


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Tue Sep 25, 2018 9:25 pm 
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Skippy 3 wrote:
So let me get this straight. An Post Group was on the verge of bankruptcy last year and needed a rapid increase in the cost of stamps rammed through to keep the wolf from the door.

Now it's going to offer mortgages - a business it has no background in whatsoever - at a price that the incumbents can't match?

I mean it must be true because the Minister for Communications tweeted the story, but still.......


There's two parts to An Post I think, the post offices are profitable (minus the small legacy small town franchises) but the actual mail side isn't making money afaik. I don't know if the mail side will be privatised but judging by the drop in physical mail I've gotten in the last two decades I can't see it been viable as is. If post office lockers were available like in Australia I'd be happy with that.

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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Thu Sep 27, 2018 12:51 pm 
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Quote:
Bankinter is set to become the first foreign owned bank to enter the Irish market since the financial crash, in a deal which could potentially pave the way for the Spanish bank to enter the Irish mortgage market as An Post searches for a new partner for its planned venture. The Madrid-headquartered bank has just cut rates on its 20 year fixed-rate mortgages to 1.99 per cent.
Earlier this week the Spanish bank said it would buy the banking operations of EVO Banco in Spain and its consumer credit affiliate in Ireland, AvantCard, from Smart Holdco, an entity owned by the US fund Apollo. The financials of the deal, which is subject to regulatory approval, were not disclosed.

Apollo entered the Irish consumer credit market back in 2012, when it acquired MBNA’s Irish credit card business from Bank of America. Initally, Avantacard, as it became known, was closed to new business, but opened up in 2017 and since then it has ramped up its offering, as well as moving into personalised pricing for credit cards and personal loans. It currently offers credit cards through Chill.ie, one of Ireland’s largest insurance brokers, as well as more recently An Post, with credit cards and loans set to be rolled out from early 2018. Today Avantcard has 151,000 Irish customers, 145 employees, €280 million in revolving card and deferred payment receivables, and €66 million in personal loans.
Now it has been suggested that with its new owner, AvantCard could be a potential partner for An Post’s proposed mortgage venture.

https://www.irishtimes.com/business/fin ... -1.3643309

So looks like more than rumours.

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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Thu Sep 27, 2018 2:14 pm 
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a welcome development if true, the more entrants we can get the better. I am in the process of switching from PTSB to EBS with a broker and i mentioned about switching again next year to him. He has heard BOI have turned down some switchers based on them switching previously in the last 12 months. his take is the cashback carrot will soon be gone as banks wise up to people who switch regularly as opposed to someone who just avails of it as a once off.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Thu Sep 27, 2018 2:44 pm 
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i doubt bank inter are the bank to come in and shake up our mortgage market, they are a nice spanish bank that normally focus on high net worth individuals.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Thu Oct 18, 2018 12:50 pm 
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Finance Ireland announces entry into Irish residential mortgage market

https://www.financeireland.ie/announcem ... ge-market/

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Finance Ireland announces entry into Irish residential mortgage market

Announces agreement to acquire Pepper Money’s Residential Mortgage platform in Ireland

Plans to launch additional mortgage products in the New Year


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Nov 26, 2018 10:33 am 
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Friday Interview: Billy Kane, chief executive of Finance Ireland

https://www.irishtimes.com/business/fin ... -1.3706886


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