Monday 18 December 2017

John Drennan: AIB to turn screw and hike cost of mortgages

State-owned bank tells TDs of plan to raise its rates for homeowners

JOHN DRENNAN

ALLIED Irish Banks is determined to increase the cost of mortgages and other products -- despite last week's European Central Bank decision to cut its key interest rate to a record low of 0.75 per cent.



The revelation that the State-owned bank is pressing ahead with price increases comes as a crushing blow for hard-pressed homeowners.

And the fraught relationship between the Government and AIB is expected to deteriorate further in the wake of the new strategy -- outlined by CEO David Duffy -- to restore the bank to profitability.

Please sign in or register with Independent.ie for free access to Opinions.

Sign In

Promoted Links

Today's news headlines, directly to your inbox every morning.

Don't Miss