The Supreme Court will consider a common clause in commercial loan agreements that allowed Bank of Ireland to raise interest rates in line with its increased lending costs in the wake of the financial crash. Photograph: Brian Lawless/PAThe Supreme Court will consider a common clause in commercial loan agreements that allowed Bank of Ireland to raise interest rates in line with its increased lending costs in the wake of the financial crash. They claim they would have paid €738,000 less if the interest rate calculation had not been altered in alleged breach of contract. They claim it could not have been contemplated by rational business people that such a “dramatic alteration” to interest rates could occur. The bank says the case is not generally important and the contract allows for this large variation in interest rate calculation.

Source: The Irish Times March 24, 2026 13:54 UTC