No-frills bank accounts should be introduced to bring financially excluded people into the banking system, according to the State's poverty watchdog.
The Combat Poverty Agency has urged the Government to abolish stamp duty on ATM and point-of-sale cards on these accounts.
It also says banks should train staff to be proactive in assisting people to open accounts.
According to the agency, 20% of Irish households lack bank accounts despite a proposal six years ago from the banks to develop... read more »
Figures from the Central Bank show that the annual rate of growth in mortgage lending dropped to its lowest level in 21 years in August.
Residential mortgage lending was up 9% compared with the same month last year, the lowest annual rate since mid-1987.
The increase in mortgage borrowing in August was €508m, just over half the figure for July. The Central Bank said that while August was usually a quiet month, this figure was 'exceptionally low'.
The annual rate of growth for all pr... read more »
Minister for Finance Brian Lenihan has said that deposits in Irish banks are secure and that bank customers can rest confident in the knowledge that their money is safe.Mr Lenihan said that he is prepared to review the statutory guarantee limit for bank deposits, which is currently set at €20,000.
However, he said the question of an appropriate time to make an announcement about any changes to the guarantee still has to be decided by the Government.
Mr Lenihan said that he did not believ... read more »
Lloyds TSB has announced a £12.2bn takeover of rival Halifax Bank of Scotland.HBOS is the UK's biggest mortgage lender and savings bank. It already has £258bn of retail deposits, and around 15m savers.
Lloyds TSB, which does the bulk of its mortgage lending under its Cheltenham & Gloucester brand, is the UK's third biggest lender in terms of outstanding home loans. During 2007, the latest year for which figures are available, it wrote 8% of all mortgages in the UK.
Britain's financia... read more »
Two of the country's leading property companies are offering home buyers interest-free loans in an attempt to stimulate activity in the housing market.Glenkerrin Homes and Radora will announce details today of the schemes to assist would-be buyers at key Dublin locations, including Stillorgan, Elm Park, Ballinteer and Palmerstown.
Speaking on RTÉ Radio's Morning Ireland, developer Ray Grehan of Glenkerrin Homes disagreed that the company was facilitating bad financial practice, by offering b... read more »
