Banking Federation chief defends BoI interest rate rise

The head of the Irish Banking Federation Pat Farrell has said banks must raise prices and make a profit, whether or not they are getting State support.

Bank of Ireland announced yesterday that they were raising interest charges on a number of products.

Other banks are expected to follow suit in the coming months.

Bank of Ireland has come under fire for the decision - but the IBF chairman has said "they have a business to run too".