I have been totally frustrated with the Irish banks for this last year!!!! I cannot understand why this is not getting mentioned in the media at large. Please bring this up at podcast and mention regularly in all future podcasts until everyone becomes aware!!!
As a former banker with one of the big two, I couldn't agree more with your summations. Incompetent and self promoting senior management who have decided that laziness pays, so it's easier to screw the depositor and increase margin, than it is to innovate and earns profits through effort. Worse still, their determination NOT to pass on ECB rate increases is further fuelling inflation. So while the ECB applies the brakes, the banks are pushing the accelerator. I ask, why should a depositor subsidise a borrower who has borrowed to acquire an asset, especially a house. The government are impotent, so are the ECB... Surely it's time to grow 'a set' and impose policy decisions. DR
....I should add, having since listened to your latest podcast, that the State is complicit with the banks in maintaining usury deposit interest rates. The returns on State savings are as bad, if not materially worse than banks, credit unions etc...
True David, but i guess the State has no interest in paying up if there are no competitive forces at play. It is a pretty dysfunctional system all round.
Well said. Irish banks have nothing to be proud of considering their behaviour over relatively recent times. You would think ,would'nt you, that they would at least pass on a reasonable deposit rate increase to the taxpayer who bailed them out.
Keep banging on about this please.....it is another banking scandal!!
I have been totally frustrated with the Irish banks for this last year!!!! I cannot understand why this is not getting mentioned in the media at large. Please bring this up at podcast and mention regularly in all future podcasts until everyone becomes aware!!!
Thank you thank you thank you!!!!
Martin Murphy
Hi Martin - we touched on this in our most recent pod, posted yesterday. We will no doubt be talking about it again.
Thanks Martin. We sure will.
Great pick up Jim and what has really got my attention is the Irish Media are nt reporting it.
As a former banker with one of the big two, I couldn't agree more with your summations. Incompetent and self promoting senior management who have decided that laziness pays, so it's easier to screw the depositor and increase margin, than it is to innovate and earns profits through effort. Worse still, their determination NOT to pass on ECB rate increases is further fuelling inflation. So while the ECB applies the brakes, the banks are pushing the accelerator. I ask, why should a depositor subsidise a borrower who has borrowed to acquire an asset, especially a house. The government are impotent, so are the ECB... Surely it's time to grow 'a set' and impose policy decisions. DR
....I should add, having since listened to your latest podcast, that the State is complicit with the banks in maintaining usury deposit interest rates. The returns on State savings are as bad, if not materially worse than banks, credit unions etc...
True David, but i guess the State has no interest in paying up if there are no competitive forces at play. It is a pretty dysfunctional system all round.
Well said. Irish banks have nothing to be proud of considering their behaviour over relatively recent times. You would think ,would'nt you, that they would at least pass on a reasonable deposit rate increase to the taxpayer who bailed them out.
Keep banging on about this please.....it is another banking scandal!!