Banks Accused of Cash Grab: Mortgage Rate Cuts Not Passed On

Here’s ‌a summary of the key⁢ information from the‍ provided text:

* AIB Cuts Rates: AIB has reduced rates ⁣by ⁢up to 0.75 percentage points on its non-green‍ fixed-rate mortgages. Its subsidiaries, Haven ⁣and EBS, have also ⁣recently cut rates.
* Rates Still Above Average: Despite the cuts, AIB Group’s mortgage rates ⁣generally remain higher than the‍ current market average of ⁢3.6% (as reported by the central Bank).
* ECB ⁣Rate ⁤Changes & Bank Response: Banks haven’t fully passed on all the European Central Bank (ECB) rate reductions, but also didn’t fully pass on all the increases.
* PTSB’s Approach: Permanent TSB (PTSB)‌ cut‍ rates at the start of the year and didn’t increase rates at ⁣the same pace as the ‍ECB. They also made reductions ⁤over the past two years.
*‌ Bank Responses⁢ to Criticism: AIB and Bank ⁢of Ireland declined to comment when questioned about ⁣a statement criticizing their rate practices.
* AIB’s Future Pricing: AIB states they will continue​ to review their mortgage pricing to remain ⁢competitive.