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Minister should act to stop AIB variable rates increase: Doherty

24 April, 2013 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said that Minister Noonan should act to stop AIB’s interest rates going up for the third time in a year.

Speaking today Deputy Doherty said:

“After today’s refusal by the Minister to say no to Richie Boucher’s huge pay, he must now step up and stop AIB and EBS increasing their variable interest rates. This will affect 70,000 borrowers at AIB alone.

“The ECB are generally considered to be moving towards lowering their interest rates yet in Ireland a state-owned bank is hiking-up its rates.

“AIB is 99% owned by the state, by the people. They cannot be allowed to increase again their variable interest rates. This government talks a good talk on easing the mortgage crisis but yet they stand by while state-owned banks increase the cost of borrowing.

“Sinn Fein will soon bring a Bill to the Oireachtas which would disallow banks that have availed of state support to increase their interest rates without seeking approval of the

“The Financial Regulator would be required to weigh up the interests of not only but the bank but also of the customers.”


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