Allied Irish Banks is to raise its variable mortgage rates by 0.5 per cent, it announced late last night.
The bank, which repaid €1 billion to senior unsecured bondholders just two days ago, said that it needed to make the move to return to sustainability and because mortgage portfolios were still unprofitable relative to the cost of funds.
“AIB does not have an option of continuing to provide mortgages on a loss-making basis at pricing materially...
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