AIB cuts mortgage interest rate by 0.25%

Update: CEO of the Irish Brokers Association Ciaran Phelan said the AIB cut was welcome, but still very high by European standards.

He said: "While every cut in rates for consumers is a welcome one, you have to question whether it’s enough - AIB's new standard variable rate (SVR) of 3.4% is very competitive by Irish market standards - but is still hugely expensive by EU standards."