‘No plans’ for BoI to follow AIB in cutting rate

There are currently no plans to reduce Bank of Ireland’s standard variable mortgage rate following AIB’s 0.25% cut, although the situation is under review, according to chief executive Richie Boucher.

Speaking to the Oireachtas Finance Committee yesterday, Mr Boucher noted that AIB owes the taxpayer €20bn. “It is their decision how they use that money,” he said.

AIB announced last Thursday that it was cutting its standard variable rate mortgage by 0.25% to 4.15%. Bank of Ireland has not reduced its standard variable rate mortgage since 2009.