More rate hikes likely without wholesale move

NATIONAL Irish Bank will not raise the cost of borrowing on mortgages in the foreseeable future, it said, after posting substantial first half losses.

It is part of Danske Bank in Denmark, one of the strongest and best funded banks in Europe, which can borrow at competitive levels to fund its lending.

For that reason its deputy chief executive, Kevin Gallen, said NIB was able to cope without having to raise its mortgage rates.