Your are viewing a read-only archive of the old DiS boards. Please hit the Community button above to engage with the DiS !
in an unprecedented move.
Banks in Canada, Sweden and Switzerland are also reducing rates.
it means debt repayments will become easier but personal savings less profitable. is that right?
or the economy.
So..... Australian ey? How's that working out for ya?
If not, I will do so next time. It's my inspiration for the Beautiful and Damned costume ball.
he he. x
as in Libor? That's massive news if so. If it's the Bank of England, then it's not quite as big since the banks themselves still need to lend at the reduced rates.
someone has been reading the papers closely ;-)
that you also answer questions from those of us struggling to understand
that the banks agree...
Libor is done daily - banks get together each day to discuss how much they will lend each other.
On a monthly basis, the banks get together to discuss the overall interest rates and this is basically a monthly reduction.
It will basically have an effect on people saving, really.. not a huge difference in saving the economy I feel.. but anyway...
with tracker mortgages and suchlike and if the banks take the hint, but isn't as big as if Libor does follow. The markets seem to like it though.
Figures subject to them being wrong.