Sunday 4 December 2016

Why not pass on interest rate reduction now?

Published 23/04/2015 | 02:30

Labour Party Conference Galway University. Minister Joan Burton speaks to the conference. Picture; GERRY MOONEY. 14/4/12
Labour Party Conference Galway University. Minister Joan Burton speaks to the conference. Picture; GERRY MOONEY. 14/4/12

AIB boss David Duffy indicated yesterday that the bank is likely to cut the interest it charges on standard variable rate (SVR) mortgages within months.

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It is welcome news. The Irish Independent has argued long and hard that borrowers with SVR loans have been unfairly squeezed by all of the main banks.

Failing any market shocks, around 140,000 AIB customers can expect a rate cut of around 0.25pc probably from the middle of the year.

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