Banks Accused of Cash Grab: Mortgage Rate Cuts Not Passed On
- * AIB Cuts Rates: AIB has reduced rates by up to 0.75 percentage points on its non-green fixed-rate mortgages.
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.