Warning on any bid to hike rates

HIGHER interest rates would cause serious problems for the banking sector in both the commercial and residential areas a top banker warned yesterday.

Sean FitzPatrick, chief executive, Anglo Irish Bank said “If there were higher interest rates there could be absolute serious problems including in the whole mortgage area.”

Commenting on the back of a high successful first half year Mr FitzPatrick said: “I'll tell you straight out we have never had six months like this in our lives.”