Bank of Ireland has raised the rate of interest applied to its loans and deposits. The bank has increased its standard variable mortgage rate by 0.25 of a percentage point to 5.85 per cent.

Personal loan rates and those applied to business loans have also been increased by the same amount. Deposit rates have been raised by just 0.1 of a percentage point. Demand deposit accounts of up to £100,000 now attract a rate of interest of 0.8 per cent.