The Services, Industrial, Professional and Technical Union (SIPTU) has called for banks which increase interest rates on mortgages to be withdrawn from the Government's bank guarantee.

The trade union was reacting to news that the country's largest mortgage lender, Permanent TSB, will increase rates by 0.5% on standard variable loans on Monday.

THE era of historically low interest rates is coming to an end after one of the country's biggest banks hiked the cost of its fixed-rate home loans yesterday.

AIB is increasing the cost for homeowners who opt for a three-, five- or 10-year fixed rate.

And other lenders are set to follow suit imminently.

Economists said the move was a sign that the European Central Bank (ECB) could soon begin raising rates again after a record series of seven cuts.

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