The note by research analyst
Bank of America raised its earnings targets for AIB and Bank of Ireland for the second time in a month, citing the expectations that interest rates will increase. Bank of America’s price target for AIB has been raised from €3.20 to €3.30 and for Bank of Ireland it has been increased from €7.30 to €7.50.While the two banks have tripled their current accounts in the last decade to more than €100 billion, which has been costing them money since 2014, when the ECB deposit rate turned negative, the expected hikes in this rate in the months and years ahead will reward them for doing so.
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