All of the main banks with a presence in Ireland have confirmed that they are going to pass on the full half a percentage point interest rate cut announced yesterday by the European Central Bank.
Permanent tsb, National Irish Bank, IIB Bank and the EBS and Irish Nationwide building societies confirmed this evening that they are going to pass on the full 0.5% interest rate cut announced yesterday by the European Central Bank.
NIB said the cut on its tracker mortgage rate will come into effect from Wednesday October 15 while its standard variable rate mortgage will be cut from Monday October 27.
Permanent tsb says the reduction will save customers on a €300,000 mortgage about €95 a month.
EBS said changes for both customers on its tracker mortgage rates and standard variable mortgage rates will be reflected in existing members' November mortgage repayments.
Earlier, Bank of Ireland said it would pass on the cut to its standard variable mortgage rate customers from Monday November 3. The bank's new tracker rates will become effective from Wednesday October 15, it added.
Ulster Bank and First Active also said they would reduce their standard variable mortgage rates. Yesterday, Halifax and AIB said they would pass the lower rates on.
Opposition parties had urged the Government to insist that banks pass on the interest rate cut to mortgage holders.
Earlier Mary O'Dea, Consumer Director with the Financial Regulator, said the regulator does not have power to compel banks to pass on the interest rate cut.
