AIB set to cut rates of 140,000 mortgages

Almost 140,000 AIB variable mortgage holders look set to get a cut in their interest rates by the summer.

Chief executive David Duffy said the rates cut would depend on the funding costs for the bank, as he also denied attempts are under way to “fatten the bank up for sale”.

His comments came after weeks of sustained pressure for a rates cut and complaints that the State-owned bank is charging sky-high levels compared to other lenders in the eurozone.