EBS Building Society today announced that it is to increase its standard variable mortgage rate by 0.6 points from 3.23% to 3.83% (3.90% APR) from 1 August.
EBS says increased cost of funds on international markets means that it is still charging less to members than it is paying for funding.
EBS said a previous increase by the society did not close the gap that exists between its variable rate and the rates that it is paying on the open market.
http://www.rte.ie/business/2010/0716/ebs.html
This will only kick start another round of rate increases.
http://www.rte.ie/business/2010/0716/ebs.html