AIB chief Duffy insists rate increase is "regrettable" but "fair"

AIB chief Duffy insists rate increase is "regrettable" but "fair"

AIB chief executive David Duffy

Allied Irish Banks (AIB) chief executive David Duffy said today it is regrettable that the bank has had to raise interest rates for customers on variable rate home loans, but added the move it is fair.

The bank must charge market rates for loans, where it can, he said.

It is “inequitable” that those on tracker mortgages are seeing cuts but he is powerless to resolve the issue.

He added that the bank will deliver payroll cuts of 6pc to 10pc as requested by Michael Noonan.

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