There’s another round of interest rate rises in store for Bank of Ireland mortgage and business customers.

They are included in a three year plan to rebuild the bank’s fortunes.

Savers will also see a cut in the rate of interest applied to their accounts.

Personal Finance Editor with the Irish Independent Charlie Weston says it’s part of the bank’s plan to raise capital.

“Investors want to hear that; but we homeowners and ordinary consumers the last thing we want to hear (is) that we’re going to see another round of mortgage increases” he said.

“And (it’s) very tough as well for businesses; it looks like business loan rates are going up as well – that specifically mentioned business loan rates, mortgage rates, and he also said that (it’s) going to pay less on deposits” he added.