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AIB to raise variable mortgage rates

Wednesday, February 20 12:22:04

AIB is set to increase the rate its charges on around 70,000 variable-rate mortgages, its chief executive, David Duffy, has said.

This comes after the bank - plus all the other lenders in Ireland - last year raised variable rates by around 1pc.

Meanwhile, Mr Duffy Duffy said in an interview with the Bloomberg newswire that he hopes to sell a stake in the nationalised bank to private investors next year.

However, the bank chief refused to speculate on how much of the E21bn bailout that the Government poured into AIB will be recovered.

Mr Duffy said: "Today, we're sitting in a place where a lot of money went into it, but if we can follow the path we're on successfully, money will be coming back. What amount finally gets paid back, who knows?"