ECB, Fed and other central banks cut interest rates
The European Central Bank unexpectedly cut interest rates in co-ordination with other central banks after the global credit crunch pushed borrowing costs to records and forced governments across Europe to bail out banks.
The ECB lowered its benchmark lending rate to 3.75 percent from 4.25 percent, effective from October 15, the Frankfurt-based bank said in a statement.
The move sparked immediate calls for Irish banks to pass on the 0.5 percentage point cut in rates to mortgage holders. ...
The following statement was issued by the Government today (September 30 2008)
The Irish Government has decided to put in place with immediate effect a guarantee arrangement to safeguard all deposits (retail, commercial, institutional and interbank), covered bonds, senior debt and dated subordinated debt (lower tier II), with the following banks: Allied Irish Bank, Bank of Ireland, Anglo Irish Bank, Irish Life and Permanent, Irish Nationwide Building Society and the Educational Building Society and such specific subsidiaries as may be approved by Government following consultation with the Central Bank and the Financial Regulator. ...Read More
TransferMate Transfers 100% Secure
The Irish Government today announced a two year guarantee on Irish banks’ deposits and debts.
As a 100% Irish owned company, TransferMate can guarantee the security of all our international transfers.
We have foreign exchange accounts in the Irish banks safeguarded by the new Government arrangement meaning customers lodging funds through our TransferMate service are guaranteed total security for their lodgements.
No other country has issued this safeguard – putting TransferMate ahead of all other foreign exchange providers based outside of Ireland.
The Government’s guarantee is effective immediately and will safeguard all deposits, covered bonds, senior debt and dated subordinated debt with Allied Irish Bank, Bank of Ireland, Anglo Irish Bank, Irish Life and Permanent, Irish Nationwide Building Society and the Educational Building Society until September 2010.
The move is in response to the impact of the recent international financial market crisis on the Irish banking system and shows great resolve by the Irish Government. ...
Billions shoveled out to banks
Central banks inject $180bn into banking systems around the world to address shortage of US dollars after Lehman Brothers declared bankruptcy. ...Read More
Bank of England holds rates in waiting game
The Bank of England sat on the fence on Thursday, holding interest rates at 5 per cent as its monetary policy committee bought time to see how the oil shock and credit crisis will affect the economy.
The MPC did not explain its decision, as usual when there is no change, but statements from committee members over the past month have indicated they cannot yet gauge whether the economy is deteriorating much faster than desired, or whet-her there is a risk of high inflation becoming a feature of British life once again.
Read the at FT.com