IL&P to cut SSIA rate by 0.5%

IRISH Life & Permanent is to hit SSIAs hard by cutting the deposit rate by 0.5%.

Ordinary deposits have been reduced in line with the 0.25% cut in rates recently announced by the European Central Bank.

The cut of 0.5% on the SSIAs is in line with other financial institutions and highlights concerns the banks are continuing to rip off consumers.