Bank of Ireland to pass on full benefit of rate cut

Bank of Ireland has confirmed that it will pass on the full benefit of yesterday's ECB interest-rate cut to its mortgage customers.

The cuts will apply to standard variable rate (SVR) and tracker rate mortgage customers. The new standard variable rate will be effective from Monday, November 3.

The ECB announced the cut of half of a percentage point yesterday as part of a co-ordinated move by central banks across the world.

AIB and Halifax have already announced that they will pass on the full reduction to their customers.

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