Follow @PoliticsIE
 
 
 
Page 1 of 3 123 LastLast
Results 1 to 10 of 23

Thread: Call for cap on savings rates as pain to fall on borrowers

  1. #1
    Politics.ie Member
    Join Date
    Jan 2007
    Location
    Dublin
    Posts
    817
    Mentioned
    0 Post(s)

    Default Call for cap on savings rates as pain to fall on borrowers

    I'm not going to mince my words here...

    If the Irish government attempt any such move I will immediately move my savings overseas.

    ...Philip O'Reilly has not really thought this one through. The deposits are a relatively cheap source of funding.

    Call for cap on savings rates as pain to fall on borrowers - Irish, Business - Independent.ie

    Quote Originally Posted by Indo
    As an emergency measure, deposit rates should be capped at 2pc by the Government for as long as the European Central Bank rate is 1pc. Then, during this economic crisis, the top deposit rate should track the ECB rate," he said.
    The future saviour of the Irish Economy: Charles Darwin

  2. #2
    Politics.ie Member hammer's Avatar
    Join Date
    Jul 2009
    Location
    Olympic Stadium
    Posts
    58,469
    Mentioned
    1 Post(s)

    Default

    Borrow 3%

    Lend - credit cards 16% plus
    Overdraft - 12% plus
    Personal loans 8% plus

    Nice margin

  3. #3
    Politics.ie Member sauntersplash's Avatar
    Join Date
    Feb 2009
    Location
    Dublin
    Posts
    3,456
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by HanleyS View Post
    I'm not going to mince my words here...

    If the Irish government attempt any such move I will immediately move my savings overseas.

    ...Philip O'Reilly has not really thought this one through. The deposits are a relatively cheap source of funding.

    Call for cap on savings rates as pain to fall on borrowers - Irish, Business - Independent.ie
    This would be perfect. Should this occur, the State will have directly and intentionally hampered every single effort I have made to improve my circumstances in life. I'm just waiting for a "pretty girlfriend tax".
    "No." - Rosa Parks

  4. #4
    Politics.ie Member
    Join Date
    Jun 2009
    Location
    South Dublin
    Posts
    1,134
    Mentioned
    0 Post(s)

    Default

    Savers did not cause the problems we face. They did not take on commitments beyond their means in the boom. They lived within their means and put a few bob aside for a 'rainy' day or to supplement their old age pension.

    Interest rates on savings have been relatively low for some time. Our savings normally come from money that has already been taxed, and on the interest we pay DIRT (increased in 2009) and all the various increased levies apply too so the net return isn't great.

    That interest rates would be capped to subsidise those who were less financially responsible is unacceptable.

  5. #5
    Politics.ie Member Sync's Avatar
    Join Date
    Aug 2009
    Posts
    27,613
    Mentioned
    2 Post(s)

    Default

    Ridiculous, unworkable suggestion. Unless the govt were to follow it up with a prohibitive tax for removing money from the country, anyone with sense will save offshore.

    And that's the frustrating thing. People well above the AIW wouldn't get caught like this, they'll move to Nationwide, make more, while the less educated keep theirs in Irish banks earning less, and so widening the gap between rich and poor.

    But it's just one suggestion from one talking head. Nothing to panic over.

  6. #6
    Politics.ie Member HarshBuzz's Avatar
    Join Date
    Feb 2008
    Posts
    11,904
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by sauntersplash View Post
    I'm just waiting for a "pretty girlfriend tax".
    that's taken at source
    “'retail deposit flight, I don't see that as a great danger. Ireland is an island” - Brian Lenihan - to hundreds of international investors

  7. #7
    Politics.ie Member
    Join Date
    May 2009
    Location
    heart of Europe
    Posts
    5,897
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by Sync View Post
    Unless the govt were to follow it up with a prohibitive tax for removing money from the country, anyone with sense will save offshore.
    Impossible. EU would never allow it. Businesses would be killed.
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

  8. #8
    Politics.ie Member Sync's Avatar
    Join Date
    Aug 2009
    Posts
    27,613
    Mentioned
    2 Post(s)

    Default

    Quote Originally Posted by DCon View Post
    Impossible. EU would never allow it. Businesses would be killed.
    Oh I agree fully, it would be the road to Caracas. I'm just saying from a practical pov, it's the only way the idea is workable.

  9. #9
    Politics.ie Member
    Join Date
    May 2007
    Posts
    1,241
    Mentioned
    0 Post(s)

    Default

    PEOPLE with money on deposit are being subsidised at the moment and mortgage payers will end up bearing the pain -- unless the Government moves to cap saver rates, a leading broker said yesterday.
    What is the subsidy? Is he is referring to the guarantee? If so, then just cap the NAMA banks.

  10. #10
    Politics.ie Member
    Join Date
    Feb 2004
    Posts
    15,620
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by HanleyS View Post
    ...Philip O'Reilly has not really thought this one through. The deposits are a relatively cheap source of funding.
    Understatement!

    This guy clearly has no clue. I wonder what his agenda really is.

    For the record, the cost of EURIBOR 30 day money continues to drop. Yesterday it was down to 0.652%

    ..
    .
    "Always do right. This will gratify some people and astonish the rest." Mark Twain

    “When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” Napoléon Bonaparte

Page 1 of 3 123 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •