Banks keep mortgage rates 'under review', as Donohoe slams price-cap Bill
Author | Joe Brennan |
Published date | 29 June 2022 |
Publication title | Irish Times: Web Edition Articles (Dublin, Ireland) |
PTSB chief executive Eamonn Crowley said on Friday that his bank may absorb the first two rounds of ECB interest rate hikes and not increase mortgage pricing in a bid to grow its market share. He added that Irish banks "can withstand for a portion of time some of those interest rate increases".
Spokesmen for AIB and Bank of Ireland declined to give an indication of their mortgage pricing plans when the ECB raised rates, with each telling The Irish Times that that their groups keep fixed and variable rates under review.
Analysts at Deutsche Bank said in a report last week that Irish banks will be among the main winnersin the industry across the euro zone from rising interest rates. However, the earnings benefit will be driven by the banks no longer being charged negative rates for billions of euro of excess deposits they store with the ECB, rather than mortgage rate increases, they said.
The ECB's deposit rate is currently at minus 0.5 per cent, while its main lending rate has been set at zero since 2016. The ECB has signalled that it will increase both by 0.25 percentage points next month, with a further increase widely expected in September.
Fixed-rate mortgages have been by far the most popular product in the Irish market in recent years and made up 44 per cent of outstanding home loans as of the end of last year, according to Davy analyst Diarmaid Sheridan. At Bank of Ireland, for example, more than 90 per cent of new home loans are being issued at fixed rates at the moment, while a majority of existing mortgage customers are also holding fixed products.
Standard variable rate mortgages accounted for 24 per cent of the market, and tracker loans, 32 per cent.
Tracker rates will move up automatically when the ECB hikes...
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