HALIFAX UNVEILS ITS CURRENT ACCOUNT - Having started a home loans war in January Halifax, the retail banking arm of Bank of Scotland Ireland, is today launching details of its first current account in the Irish market. This will be available from the end of May and makes Halifax a fully fledged retail bank.
The account promises interest on balances, no charges for everyday transactions and a free overdraft for the first three months of the account's being opened.
Halifax chief executive Mark Duffy said it had attracted more than 44,000 customers since opening its retail branches last January.
He said the new account had no charges and offered an interest rate of 10% on credit balances. Mr Duffy said competition was now taking place in the Irish market, but described other banks' reaction so far as 'cynical', as they had offered new products only to new customers.
Mr Duffy said he was confident of overcoming customer inertia, as other banks had been successful in attracting new customers on the back of free banking.
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INVESTORS' PROPERTY WEIGHTING 'WORRYING' - The Irish Association of Investment Managers says its members managed €29.4 billion in investments in retail products at the end of last year, up 18% on 2005.
The IAIM's Gary Connolly highlighted a lack of diversification among Irish investors. He said many people taking equity from an existing property were more likely to invest in more property, rather than putting it into another type of investment. He described this as 'worrying' and 'unwelcome'.
Mr Connolly said managed funds accounted for 67% of retail investment, property for 14%, cash and equity 10-15% each.
