Banks increase interest rates

BANK OF IRELAND and ICS Building Society yesterday announced interest rate increases across their standard variable rate and tracker rate mortgages.

These rate changes are effective from next Tuesday. The standard variable rate will increase by 0.1% to 5.44% (5.6% APR) and there are also increases to the tracker rates of between 0.1% — 0.25%.

Commenting on the rate increases, Joe Larkin, head of personal lending at Bank of Ireland said: “We have been monitoring this situation closely and today are announcing our decision to increase our standard variable rate and tracker rates.”