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02/03/2010
AIB Mortgages To Rise
Troubled Irish bank AIB is to increase its mortgage interest rates in response to its first-ever full-year loss, it has emerged today.
In its preliminary results for 2009, the bank has reported pre-tax losses of €2.656bn for last year.
Describing the period as a "very challenging year", AIB said it was putting aside €5.35bn provision for bad loans. It said this equated to 4.05% of its average customer loans.
In it's management report overview, the bank said €3.4bn of the loses related to loans that have been identified for potential transfer to the National Asset Management Agency.
The overview said: "The outlook and environment remain extremely challenging. There are very significant matters and initiatives including NAMA, the European Union decision on restructuring and funding costs/market conditions, all of which could materially affect the Group’s performance.
"In line with global trends for banks to hold more capital,AIB will be moving to increase its capital ratios.
In 2010 AIB will prioritise restructuring and restoring its businesses to underpin viability, and renewing the Group's credibility amongst all its stakeholders."
Speaking on RTÉ's Morning Ireland, AIB Group Managing Director Colm Doherty said price rises across its financial products - including mortgages - were unavoidable.
He said the bank is paying more for the money it is borrowing than it is charging customers. He said this was unsustainable.
This morning, Fine Gael Deputy Leader & Finance Spokesman Richard Bruton said AIB’s worst ever results represented even more pain for consumers and borrowers, and should send a clear message to the Government that its banking policy is not working.
“AIB’s results paint a very worrying picture for taxpayers and for the economy. There is little comfort for borrowers, or for businesses, as the bank’s commitment to restart lending is fragile at best.
“The open threat of rising costs for borrowers, including mortgage holders, also points to further trouble in store for the Irish economy."
(DW/BMcC)
In its preliminary results for 2009, the bank has reported pre-tax losses of €2.656bn for last year.
Describing the period as a "very challenging year", AIB said it was putting aside €5.35bn provision for bad loans. It said this equated to 4.05% of its average customer loans.
In it's management report overview, the bank said €3.4bn of the loses related to loans that have been identified for potential transfer to the National Asset Management Agency.
The overview said: "The outlook and environment remain extremely challenging. There are very significant matters and initiatives including NAMA, the European Union decision on restructuring and funding costs/market conditions, all of which could materially affect the Group’s performance.
"In line with global trends for banks to hold more capital,AIB will be moving to increase its capital ratios.
In 2010 AIB will prioritise restructuring and restoring its businesses to underpin viability, and renewing the Group's credibility amongst all its stakeholders."
Speaking on RTÉ's Morning Ireland, AIB Group Managing Director Colm Doherty said price rises across its financial products - including mortgages - were unavoidable.
He said the bank is paying more for the money it is borrowing than it is charging customers. He said this was unsustainable.
This morning, Fine Gael Deputy Leader & Finance Spokesman Richard Bruton said AIB’s worst ever results represented even more pain for consumers and borrowers, and should send a clear message to the Government that its banking policy is not working.
“AIB’s results paint a very worrying picture for taxpayers and for the economy. There is little comfort for borrowers, or for businesses, as the bank’s commitment to restart lending is fragile at best.
“The open threat of rising costs for borrowers, including mortgage holders, also points to further trouble in store for the Irish economy."
(DW/BMcC)
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11 September 2009
AIB To Refund €400k In Overcharges
There is no let up at the troubled Allied Irish Bank, as announces it is to return almost €400,000 to customers it overcharged on tracker mortgages. The overcharging affects 436 mortgages with the average refund being €906. The bank said the Financial Regulator had been informed of the mistake.
AIB To Refund €400k In Overcharges
There is no let up at the troubled Allied Irish Bank, as announces it is to return almost €400,000 to customers it overcharged on tracker mortgages. The overcharging affects 436 mortgages with the average refund being €906. The bank said the Financial Regulator had been informed of the mistake.
16 January 2009
Fine Gael Call For Interest Rate To Be Passed On
A Fine Gael's Enterprise spokesman has called on the Government to ensure the recent interest rate cuts are passed on to the Irish public. TD Leo Varadaker said all banks must follow the lead set by AIB, Bank of Ireland, Halifax and Ulster Bank by passing on the rate cut in full.
Fine Gael Call For Interest Rate To Be Passed On
A Fine Gael's Enterprise spokesman has called on the Government to ensure the recent interest rate cuts are passed on to the Irish public. TD Leo Varadaker said all banks must follow the lead set by AIB, Bank of Ireland, Halifax and Ulster Bank by passing on the rate cut in full.
29 May 2009
AIB To Get Another Billion Euro Handout
The troubled AIB bank is to receive another handout as its profits and share price continues on a downward spiral. The Government is to seek EU approval to provide a €4 billion injection to buoy the Bank after it reported a loss of €4.1 billion, warning its losses could even reach €7.5 billion over the next three years.
AIB To Get Another Billion Euro Handout
The troubled AIB bank is to receive another handout as its profits and share price continues on a downward spiral. The Government is to seek EU approval to provide a €4 billion injection to buoy the Bank after it reported a loss of €4.1 billion, warning its losses could even reach €7.5 billion over the next three years.
24 March 2015
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
17 November 2017
Túath HA To Deliver Up To 190 Social Homes In Ireland
A housing charity has partnered with AIB to provide up to 190 social homes throughout Ireland. Túath Housing Association (HA) are acquiring homes from the State's Housing Agency and letting them to families on housing waiting lists. Túath is refurbishing the homes with the cost of the works being added to the cost of purchasing the property.
Túath HA To Deliver Up To 190 Social Homes In Ireland
A housing charity has partnered with AIB to provide up to 190 social homes throughout Ireland. Túath Housing Association (HA) are acquiring homes from the State's Housing Agency and letting them to families on housing waiting lists. Túath is refurbishing the homes with the cost of the works being added to the cost of purchasing the property.
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Ireland WeatherToday:Gale, coastal severe gale, northwest winds ease from late afternoon. Scattered showers will fall as snow over the hills at first, becoming isolated from mid-afternoon. Maximum temperature 7 °C.Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Cloud will spread east towards morning. Minimum temperature 2 °C.
