03/03/2011
Germans 'Reject' Irish Bailout Renegotiation
German Chancellor Angela Merkel has virtually ruled out lowering the huge interest rate facing Ireland over the bailout conditions.
Speaking to parliamentary leaders in Berlin on Wednesday, Chancellor Merkel, who was one of the architects of the EU and International Monetary Fund (IMF) bailout for Ireland, said it was "unlikely" she’d agree to cut interest rates on rescue loans to Ireland and Greece.
According to financial newsgroup Bloomberg, the source of the information has come from anonymous officials that attended the closed-door meeting. The officials said that Ms Merkel also planned to levy a number of extra conditions aimed at keeping pressure on each country to curb spending.
Fine Gael Leader and Taoiseach in waiting, Enda Kenny, targeted a cut the rate on emergency loans during his election campaign and is preparing for talks on Friday with Ms Merkel and European allies in Helsinki.
Mr Kenny and Greek Prime Minister George Papandreou both visited Merkel in Berlin last month to canvass support for a cut in the interest rates.
However, speaking on Wednesday night, Ms Merkel stood strong saying: "We can't artificially lower interest rates. They are ultimately an expression of confidence in a country. We can't get to a point where Ireland pays lower interest rates than Portugal."
Mr Kenny is seeking to lower the 5.8% interest rate on aid loans agreed by Fianna Fail during their negotiations with the European Union and the IMF. Mr Kenny also wants to end the protection of senior bank bondholders.
(DW)
Speaking to parliamentary leaders in Berlin on Wednesday, Chancellor Merkel, who was one of the architects of the EU and International Monetary Fund (IMF) bailout for Ireland, said it was "unlikely" she’d agree to cut interest rates on rescue loans to Ireland and Greece.
According to financial newsgroup Bloomberg, the source of the information has come from anonymous officials that attended the closed-door meeting. The officials said that Ms Merkel also planned to levy a number of extra conditions aimed at keeping pressure on each country to curb spending.
Fine Gael Leader and Taoiseach in waiting, Enda Kenny, targeted a cut the rate on emergency loans during his election campaign and is preparing for talks on Friday with Ms Merkel and European allies in Helsinki.
Mr Kenny and Greek Prime Minister George Papandreou both visited Merkel in Berlin last month to canvass support for a cut in the interest rates.
However, speaking on Wednesday night, Ms Merkel stood strong saying: "We can't artificially lower interest rates. They are ultimately an expression of confidence in a country. We can't get to a point where Ireland pays lower interest rates than Portugal."
Mr Kenny is seeking to lower the 5.8% interest rate on aid loans agreed by Fianna Fail during their negotiations with the European Union and the IMF. Mr Kenny also wants to end the protection of senior bank bondholders.
(DW)
Related UK National News Stories
Click here for the latest headlines.
12 October 2009
Remortgaging Continues To Decline
The mortgage market is on two speed settings, as house purchase lending continues to recover but remortgaging continues to decline, according to the latest data released by the Council of Mortgage Lenders (CML). The number of house purchase loans in August (53,000) is down 5% from July but 29% higher than August a year ago.
Remortgaging Continues To Decline
The mortgage market is on two speed settings, as house purchase lending continues to recover but remortgaging continues to decline, according to the latest data released by the Council of Mortgage Lenders (CML). The number of house purchase loans in August (53,000) is down 5% from July but 29% higher than August a year ago.
16 January 2007
Cooling house prices after interest rate hikes
The latest figures on house price rises show that the market has cooled following the November interest rate rise.
Cooling house prices after interest rate hikes
The latest figures on house price rises show that the market has cooled following the November interest rate rise.
13 November 2013
Unemployment Rate Falls To Three Year Low
New figures from the Office for National Statistics have shown that total number of UK unemployed has fallen to 2.47 million, a decrease of 48,000. The unemployment rate now stands at its lowest in over three years, at 7.6%. The figures also show that the number claiming jobseekers allowance now stands at 1.31 million, a fall of some 41,700.
Unemployment Rate Falls To Three Year Low
New figures from the Office for National Statistics have shown that total number of UK unemployed has fallen to 2.47 million, a decrease of 48,000. The unemployment rate now stands at its lowest in over three years, at 7.6%. The figures also show that the number claiming jobseekers allowance now stands at 1.31 million, a fall of some 41,700.
12 June 2009
Borrowers Switch Back To Fixes
Take up of fixed-rate products increased further as the interest rate cycle has now reached its floor, according to new data from the Council of Mortgage Lenders (CML). In April, 69% of borrowers took out fixed rate mortgages with an average rate of 4.83%, the highest share since June 2008.
Borrowers Switch Back To Fixes
Take up of fixed-rate products increased further as the interest rate cycle has now reached its floor, according to new data from the Council of Mortgage Lenders (CML). In April, 69% of borrowers took out fixed rate mortgages with an average rate of 4.83%, the highest share since June 2008.
05 February 2009
Mortgage Lenders Vow To Pass Further Interest Rate Cuts
Four of the UK's biggest mortgage lenders have vowed to pass on the interest rate cuts, which were today announced by the Bank of England (BoE). The bank said the rate cuts, and government measures to boost the economy, "would provide a considerable stimulus to activity as the year progressed".
Mortgage Lenders Vow To Pass Further Interest Rate Cuts
Four of the UK's biggest mortgage lenders have vowed to pass on the interest rate cuts, which were today announced by the Bank of England (BoE). The bank said the rate cuts, and government measures to boost the economy, "would provide a considerable stimulus to activity as the year progressed".
-
Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.