Interest rates going down

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
24/08/2009 15:14

Got chatting to a couple up the Tumbar who recconed that their interest rate with Continental Bank has dropped from 13.75% to 12% today....



Anyone getting more than this ??

wearytravellers



Joined: 27/04/2007
Posts: 250

Message Posted:
24/08/2009 15:16

yep... 15% no tax.......Offshore fund, paid to Creditwest monthly.

teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
24/08/2009 16:34

Message from Creditwest today

"According to Turkish Republic of Northern Cyprus Central Bank’s monetary Policy and their decision on the economy there has been a drop in rates again (7.75%)and all banks have had to follow"

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
24/08/2009 16:42

mess 3 - we're all doomed....



at this rate, we are going to have to pay the banks to look after our money....

dizzycows


Joined: 12/05/2009
Posts: 2736

Message Posted:
24/08/2009 16:57

nn we bin doing that in GB for the past year!!!

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
24/08/2009 17:06

mess 2 - almost too good to be true...



Who are you investing it with to get such a good rate ?

teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
24/08/2009 17:30

msg 6: agree with you there NN, just leave off the 'almost'......

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
24/08/2009 18:01

you it does seem to good to be true...

gates


Joined: 08/12/2008
Posts: 1096

Message Posted:
24/08/2009 19:05

surly you did not think that the intrest rate was going to be 20% for ever if so you must still believe in father christmas . the locals need to get mortages and the country needs to move on to do this the intrest rate must stabalise and allow the local youngsters to buy this must result in intrest rates become lower than borrowing rates i should think to get the local house market going again it will drop to 9/8% buy next year if you have come here on intrest alone you will be heading for - that is why i spent a lot of money getting my company on the road pahaps other investments might be a goodidea at the end of the day

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
25/08/2009 10:01

mess 9 - its not that easy to start a business here...

yorgozlu



Joined: 16/06/2009
Posts: 4437

Message Posted:
25/08/2009 10:07

msg 19 NN;

It is easier than you think!

teatime


Joined: 20/10/2008
Posts: 852

Message Posted:
25/08/2009 16:21

yorgozlu - "msg 19" - I must have missed some lol

corbytown


Joined: 05/08/2008
Posts: 327

Message Posted:
25/08/2009 16:36

mess 2

come on then wearytraveller, let us in on it, we could all be doing with a bit of that !

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
25/08/2009 17:10

can't see how anyone could offer 15% - who they lending to ??

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
25/08/2009 18:56

if you are very very brave it was still 20% last week in the Ukraine.This is for Hvrenars or however you spellit!

eager


Joined: 23/02/2007
Posts: 1272

Message Posted:
25/08/2009 19:06

I believe Creditwest have a branch there.

Hatty


Joined: 13/07/2008
Posts: 260

Message Posted:
26/08/2009 02:07

yep... 15% no tax.......Offshore fund, paid to Creditwest monthly.





"Offshore fund"???



Please tell me more



http://www.creditwestbank.com/index.php?option=com_content&task=view&id=71&Itemid=93&lang=en

keithr


Joined: 20/08/2008
Posts: 720

Message Posted:
26/08/2009 06:54

Thats just a link to their rates site,not news.....

NatAless



Joined: 31/03/2009
Posts: 789

Message Posted:
26/08/2009 07:30

Iktisatbank were 12% and still are so have not been disappointed, hope they don't go any longer though!

They have an English speaking department in the branch in Girne, upstairs.

Natx

dutty


Joined: 09/06/2009
Posts: 75

Message Posted:
26/08/2009 13:36

It's ok getting high interest rates but what risk are you putting on that money. Do the bank have any guarentees if they go bust ?

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
26/08/2009 14:27

dutty

There are 48,976 links on this subject on C44!

I put some of them there.

20000 euros PER account guaranted by TRNC government which paid all out in 2001 when the banks crashed.

Turkey learnt a lot then which US/UK banks didn't.

Creditwest, Iktisat and Garantee are all good with English speaking helpful staff. I would positively not recommend Turk Bankasi.

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
26/08/2009 14:42

In 2001 when banks crashed how long did it take for the banks to pay out ? was it months or years ?

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
26/08/2009 16:43

I have been told it was a fairly short time but I wasn't banking hin TRNC then. I beleive only a few weeks. Sukru at Creditwest alias Creditwestrep can confirm.

Main point is that this taught them a lesson. They dont lend over 75% loan to value which got a lot of UK/US banks in the mire and they dont lend much outside Turkey / TRNC, so sticking to the market they understand.

If you dont need access then the 12 month rates are worth going for right now.

saint3


Joined: 25/06/2007
Posts: 64

Message Posted:
26/08/2009 16:49

How easy is it to start your own business there, as i am very interested in taking over the restaurant at Turtle Bay Village, is there anyone i can speak to regarding this.