The European Central Bank has added 1.25% to the cost of borrowing since this time last year. But the cost of personal loans has actually dropped at some lenders, according to the regulator.

In August 2005, Bank of Ireland charged 10.9% fixed interest on 3,500 borrowed for one year. Despite five ECB rate hikes in the meantime, the same loan would cost 10.5% today. The gap is even wider at National Irish Bank, which charged 12.4% variable interest last year but only 8.2% today.

Tesco's rate has come down from 11.8% to 7.5%.

This can only mean one of two things: either customers were paying way over the odds last year or banks are being unusually generous this year. Take your pick.

The regulator's latest cost survey is part of an information pack aimed at motorists looking for a new set of wheels. The pack also looks at insurance costs, and the savings that can be made by shopping around.

"While much time is spent thinking about the car itself, we find that people only think about the financial aspects like finance and insurance packages after the price of the car is agreed, " says consumer director Mary O'Dea. "Sometimes people rush these decisions in their haste to drive the car off the forecourt."

The Financial Regulator's motor pack is available from www. itsyourmoney. ie or 1890 777777.

HOMES ON THE COSTA CAN COST A PACKET HALF of the 6,000 Irish people who buy property in Spain every year make costly mistakes, with up to 600 encountering such severe difficulties that their hopes of a place in the sun are effectively shattered.

The biggest problem is a failure to do the homework, according to Elaine Higgins of IFG Spain, which provides independent legal, tax and financial advice.

"For many buyers, their investment investigations begin with a conversation with a property sales agent either at one of the property shows in Ireland or while on holiday in Spain, with very few conducting much research beyond that point, " she says. "Most potential purchasers are aware of the basic considerations and risk factors needed to make a considered judgment when buying a property in Ireland, but are completely at sea when buying in foreign jurisdictions."

For a fee of 200 plus VAT, IFG will vet your plans for buying in Spain, including advice on whether you should borrow the cost of the investment against your home in Ireland or from a bank in Spain.

"Some people are genuinely surprised by the cost of buying and running a Spanish property and choose not to buy, " says Higgins. "Others may find a better method of financing or managing it. Either way the research will generally save them a considerable amount of money as it reduces the risk factors involved."

REVENUE GETS READY FOR THE RUSH WITH the pay-and-file tax deadline looming on Tuesday, the Revenue has extended its opening hours to facilitate taxpayers who have left things until the last minute.

The Collector-General's office at Sarsfield House in Limerick will remain open until midnight on Tuesday and staff will be on hand to issue receipts. Payments will also be accepted at Sarsfield House over the weekend but nobody will be available to issue receipts before Tuesday.

Taxpayers can buy themselves more time by filing online, with an extended deadline of 16 November for users of the Revenue Online Service (ROS).

The Revenue has reminded taxpayers not to include unsolicited documentation, such as business accounts, detailed rental income computations, P60s or dividend counterfoils with their tax returns. However it adds that the documentation should be kept for six years in case the Revenue decided to follow up on the figures in the tax return.