BoI says clients can take rate hike

Bank of Ireland believes some 60,000 hard-pressed mortgage holders have adequate finances to absorb another 0.5% increase in the standard variable interest rates.

Head of communications Daniel Loughrey said the bank believes that mortgage holders have enough money to pay the extra 0.5% — €1,000 a year for those who took out €300,000 mortgages.

“We have stress-tested our customers and our analysis suggests that the customers will be able to pay their mortgages,” he said.