AIB announce mortgage rise27/07/2012 - 10:11:32
AIB has announced it is raising its standard variable mortgage interest rate by 0.5%.
For owner-occupiers, the rate will now be 3.5%.
The news is contained in the bank's half year results which have just been released this morning.
In a further update on its cost cutting plans, the bank has also announced 45 sub office closures and six branch amalgamations will take place from October across the country, while there will also be a further 16 branch closures next year.
"This has been a traumatic announcement for many of these staff - who are facing the prospect of redundancy or relocation. It will also come as a major shock to customers in these areas - who have come to rely on the service from their local branch," said IBOA General Secretary Larry Broderick in response to the announcement.
Management says they incurred an operating loss of €1.1bn in the six months to the end of June, down 64% on the same period last year.
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