Banks to cut deposit rates

Savers look set to be hit with further interest rate cuts this year as banks rebuild their margins, according to confidential government briefing documents.

1st June, 2013

Savers look set to be hit with further interest rate cuts this year as banks rebuild their margins, according to confidential government briefing documents.

Documents obtained by *The Sunday Business Post* under Freedom of Information legislation revealed that deposit rates could fall further in the coming months as banks re-price deposits to improve their net interest margins (NIM).

The Department of Finance briefing documents, which were prepared for the department's secretary general, John Moran, before...

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