ECB cut won't benefit AIB borrowers

Bank's deputy chairman Michael Somers warned banks' need to return to profitability was paramount. Nicola Cooke reports.

4th May, 2013
Michael Somers, deputy chairman, AIB. Photo: Tony O'Shea

AIB mortgage holders are unlikely to have the ECB's recent interest rate cut passed on to them, according the bank's deputy chairman Michael Somers.

In a radio interview yesterday, Somers said it was "imperative" that the 99 per cent state-owned bank returned to profitability.

"Hopefully it will be sold off and the money returned to the state . . . It is very difficult to square that particular circle [where customers do not benefit from a...

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