Banking

Bank of Ireland performing ‘balancing act’ over deposit increases and mortgage rates – Myles O’Grady

Lender’s chief executive tells AGM he is considering ‘cost of living challenges’ when deciding whether to pass on ECB rate hikes to customers in the form of more expensive mortgages

Myles O’Grady: ‘Our objective is to strike the right balance between passing on the ECB rates to mortgage customers but also rewarding deposit holders as well.’ Picture: Naoise Culhane

Bank of Ireland is attempting to perform a “balancing act” when it comes to managing eurozone interest rate hikes, bidding to reward savers while trying to keep its mortgage rates affordable, its chief executive said today.

Myles O’Grady, who took over at the helm of Bank of Ireland last November, said at the lender’s AGM that it was considering “cost of living challenges” facing its customers when deciding on whether to pass on successive interest ...