The Ryan Review

KBC’S decision to introduce a 10-year fixed rate to the mortgage market is only likely to convert a small number of borrowers.

Bank of Ireland has, up to now been the only lender to offer this, at a rate of 4.2pc, which isn’t likely to worry its bean-counters too much.

With President of the European Central Bank Mario Draghi dragging his heels on rate rises, Europe is still in the doldrums for a while yet.

Given the cash is being borrowed at zero interest, it’s a win all the way to the … er, bank.

But the Belgian minnow’s rate is interesting. At 2.99pc, for loan-to-values of 80pc, and an attractive 2.95pc if you have 40pc equity in your house, that puts it just over a percentage point higher than average EU rates. Both offers assume you have your current account banking with KBC.

There’ll always be an extra cost to doing business in Ireland, and very few new lenders are brave enough to have a look/ see in our market, so it gives free rein to those already here to charge what they think the market will support.

The Irish typically like a bit of a gamble, even nervous house-buyers; they’re also inherently suspicious of bank offers, and not without reason.

So how many will jump this shark remains to be seen.

They say a week is a long time in politics, surely a decade is an aeon in banking.