Richie Boucher: Bank of Ireland won’t cut variable mortgage rates

Bank of Ireland chief Richie Boucher says the bank’s policy of promoting fixed-rate mortgages ahead of cutting variable rate home loans will not change for the moment, regardless of competitors’ decisions and political pressure.

Rival lender KBC earlier this week lowered fixed and variable mortgage rates, and Fianna Fáil finance spokesperson Michael McGrath urged other lenders to follow suit.

Mr McGrath had called on all lenders to stop what he described as “the different treatment of existing and new customers by some banks in terms of mortgage rates”.