The Irish Permanent, Ireland's largest residential mortgage lender, has said it will cut its range of fixed interest rates. The announcement was made despite today's decision in Frankfurt by the European Central Bank not to reduce its interest rates.
Today's announced cuts cover every fixed rate option, from one to ten years. Existing customers of the Irish Permanent can avail of the highest reduction - a cut of 0.34 points.
Niall O'Grady, head of marketing at the Irish Permanent said the bank was hopeful that further rate reductions would feed through in the coming months.
'While it is very difficult to anticipate what the ECB might decide, it is clear that pressure on rates is downward and we are hopeful that the ECB may lower rates in the months ahead', he said.
* The Irish Permanent today also launched its new first 'on-demand' equity release facility in Ireland, 'OnePlan'. This will enable Irish Permanent homeowners to get approval on borrowings of up to 75% of the value of their home.
