The chief executive of AIB has defended the bank’s decision to only partially pass on ECB interest rate increases to deposit holders, amid shareholder accusations at its AGM that the bank is “short-changing” savers.
Colin Hunt pointed out that the lender also hasn’t passed on the full interest rate rises to borrowers either and keeps products and pricing under constant review.
“It is an area of active consideration at the moment,” he told journalists after the AGM.
“We are alert to the pricing right the way across the product range and in the event that we believe it necessary to move up pricing again we will do so.”
“But it is an area we are keeping under constant review and monitoring very very closely.”
Most banks here have been slow to pass on the interest rate increases that have taken place since July to their deposit customers.
Addressing the AGM, shareholder Sean Quinn said Irish savers were facing a crazy situation with the rates on offer from banks.
While another shareholder, Hugh Maguire, said those with cash on deposit at AIB at the moment are losing money, despite the shift in rates.