IIB Homeloans has become the first financial institution to pass on yesterday's half-point cut in interest rates by the European Central Bank.
IIB is reducing its standard variable mortgage rate by half a percentage point to 3.45%. The cut comes into effect immediately for new customers and at the beginning of next month for existing customers.
The cut will mean a saving of €26 a month on a €100,000 20-year mortgage.
* Bank of Scotland (Ireland) says it will pass the full half-point rate cut onto its business overdraft customers, reducing its Business AA Overdraft rate from 6.85% to 6.35%.
