Bank of Ireland chief predicts limited rise in mortgage arrears

Myles O'Grady said many of its mortgage borrowers with fixed-rate loans will be insulated from the sharp rise in interest rates because their rates will not come up for refinancing for another two years

Myles O’Grady, chief  executive of Bank of Ireland

The Bank of Ireland's mortgage lending was in good shape, and arrears were not rising at any significant rate, despite the rapid rise in interest rates since last summer, its new chief executive Myles O'Grady has predicted. 

Mr O'Grady said there were no major early signs of an increase in debt arrears at this stage, and that many of its mortgage borrowers with fixed-rate loans will be insulated from the sharp rise in interest rates because their rates will not come up for refinancing for another two years.