Kenny accepts latest interest rate hike difficult – but won’t stop it – National News – Independent.ie
But he refused to step to block the second hike by AIB in two months.
The State-owned bank announced last week it would be raising its interest rate by 0.5pc to 4pc – two days after the bank paid €1bn to senior unsecured bondholders.
The move affects the bank’s 70,000 variable-rate customers, will see already-struggling homeowners coughing up an extra €1,222 a year for a standard €200,000 mortgage. Fianna Fail leader Micheal Martin said the rate increase will “bleed the ordinary householder across the country”.
Mr Kenny said the decision was made by the AIB board.