AIB and BoI ‘rip off’ variable rate customers

The country’s two pillar banks have been accused of basing their recovery on the back of hard-pressed mortgage customers in what has been termed a “blatant rip-off”.

Variable rate mortgage customers are being taken advantage of by AIB and Bank of Ireland in a bid to increase profitability, according to Fianna Fáil finance spokesperson Michael McGrath.

The Government and Central Bank are under pressure to exert greater influence on lenders to ease the burden of mortgage repayments for variable rate customers.