Most of the banks operating in the Irish market have said they will pass on the half a percentage ECB interest rate cut in full to their tracker and variable interest rate mortgage customers.
Ulster Bank and Bank of Scotland Ireland said the new rates will come into effect from December 1, while AIB said it would pass on the rate cut in full.
Bank of Ireland and ICS Building Society also confirmed today that they will pass on the full ECB rate decrease to their existing standard variable rate and tracker rate mortgage customers as well as to holders of their Variable LTV based products.
Permanent TSB said this afternoon that it will pass on the full 0.5% cut to existing residential mortgage customers on both tracker and variable products.
And the EBS Building Society also said that it will reduce its standard variable rates by 50 basis points. These changes will be reflected in existing members' December mortgage repayments.
National Irish Bank has confirmed it will also pass on the 0.5% interest rate cut to customers with tracker products from November 12. NIB will also pass on the full cut to its home loan standard variable rate mortgage customers from December 1.
Irish Nationwide will also reduce their rates from December 1.
