Will other banks follow Bank of Ireland??

jgallcash

I'm in no way an expert but am very worried to hear that BOI are raising the rates of their trackers that supposedly track the BOE base rate.

I have a similar product purchased in April 2008 with The Woolwich and wondered if BOI decision to do this will open the floodgates for others to follow?

Is there a particular reason why BOI are doing this?

EDIT** I'm so sorry I have just seen the sticky at the top of this page and will go ahead and read about the subject in more detail. In the meantime any thoughts would be appreciated.

kingstreet

Your tracker probably tracks the Barclays Bank Base Rate, not the BoE base rate. If you do a search for this, you will find more information.

jgallcash

You are absolutely right.

So essentially they can change that anytime they like. In fairness they have previously always followed the BOE rate.

I suppose I just wondered if the Bank of Ireland's decision might open up the floodgates for other providers to do so.

Thrugelmir

jgallcash wrote: »

Is there a particular reason why BOI are doing this?

Irish banks are making losses and under an EU directive to shrink their balance sheets.

The state of the Irish property market like the Spanish is no great secret. Only the UK's is awaiting its correction now.