Ulster Bank to maintain variable rate

Ulster Bank has signalled it will not be cutting its variable rates, despite pressure from Government and calls on them to do so.

Chief Executive Jim Brown has told an Oireachtas Committee that part of the reason for them charging around 0.75% more here, compared to customers in Northern Ireland, is the historic performance of mortgages for the past 10 years.

He also says the bank does not believe they are over-charging variable rate customers.

Mr Brown said: "It is Ulster Bank's belief that our standard variable rate is not over-priced. The current narrative that the Standar Variable Rate, minus the ECB rate equals margin is incorrect.

"In reality, there are a range of other costs which must be factored in, and these costs are substantially higher in Ireland, when compared to other markets where Ulster Bank and RBS operates."