What? No, they are not. I have recently applied for a loan with them, as well as PTSB, AIB and BoS. They have more competitive rates than PTSB and AIB. ICS is just more strict when it comes to lending criteria.
I haven't kept up to date with the very recent changes, but ICS and Ptsb have rarely been in the Best Buys tables. AIB were comparatively cheap so it surprises me if that the ICS trackers are cheaper than AIB.