The reduced rate will apply for new customers from Monday

The Commissioner of Valuation had argued rates for the nightclub and hotel should be calculated based on a €1.75 million estimated net annual value, as opposed to the current €1.15 million value

This is the third time the bank has raised fixed rates since November. The last increase came in January, when some fixed rates were increased by 0.8 percentage points.

The Secretary of State set the regional rate for Northern Ireland in the continued absence of a Stormont Executive.

This is in stark contrast to the rest of the Eurozone where rates have risen dramatically over the past year.

New s filed by Laya Healthcare Ltd with the Companies Office show that the company recorded the sharp increase in profits as revenues rose by 12 per cent from €79.99 million to €89.56 million.

The move comes after the European Central Bank increased interest rates earlier this year in an attempt to tackle inflation