Shane Ross (Dublin South, Independent) | Oireachtas source

Standard variable rates and fixed rates are very different creatures with different characteristics. Some borrowers who take out mortgages need variable rates, while some need fixed rates. It is not as if they can just switch from one comparable mortgage to another. In many cases, they do not switch because the fixed rates are not suited to their particular positions. I take it from what the Minister has said that he has given up any hope of getting Bank of Ireland to reduce its standard variable rate. I wonder what influence he has over the bank with his 14% shareholding. He did not answer the important question I asked. Does the fact that he has a 14% shareholding in Bank of Ireland and a shareholding of almost 100% in AIB mean that the banks are operating under different arrangements? Does he have greater influence over the operations of AIB as a result of the difference in the shareholdings? If so, does this affect competition between the two banks?

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