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Posts Tagged ‘Mortgage’

MORTGAGE UPDATE

One in three homeowners who have taken out a mortgage since 2004 now find themselves in negative equity, according to Central Bank figures, The Sunday Business Post reports. The Central Bank estimates around one in eight of all Irish households are in negative equity but the figures rise dramatically for those who took out their mortgages more recently.

MORE BANKING BAILOUTS

Analysis of the bank stress tests and details of the restructuring dominated the headlines this weekend. The estimated bill for rescuing the Irish banking sector increased by €24 billion last week and now stands at €70bn with only two main banks remaining as financial “pillars” – Bank of Ireland and an AIB/ESB hybrid. Irish Life & Permanent will sell off its life assurance arm and permanenttsb will be hived off as a niche mortgage bank or wound down.  

EURO INFLATION

Europe’s inflation problem is set to cause distress in Ireland and other debt-laden nations. The European Central Bank (ECB) is expected to raise its rate – which is the base rate for banks who lend money to consumers – from a record low of 1%. After keeping the rate steady for two years, the ECB may announce a quarter-point rise in the rate to 1.25% on Thursday to control inflation in the larger Eurozone area now running at 2.6% due to runaway commodity prices.

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