Irish banks had a tough start to the month as investors assessed the likely impact of deeper interest rate cuts on lenders across Europe.
Yet the retail interest rate data released last week by the Central Bank of Ireland suggests that market fears of compressed margins and reduced income might have been overdone.
In news that will please shareholders more than borrowers — or depositors, for that matter — lending spreads at Irish banks remain robust, even now that the rate cutting cycle has begun with quarter-point reductions in June and September.
The weighted average interest rate on a new Irish mortgage at the end of August was 4.11 per cent — 40 basis points above the eurozone average and the sixth highest in the
Source link : https://www.thetimes.com/world/ireland-world/article/european-cuts-hit-irish-banks-at-a-different-rate-m2q8dlm5p
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Publish date : 2024-10-12 23:01:00
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