Banks to pass on ECB rate cut

Bank of Ireland, ICS Building Society and Permanent tsb have confirmed they will pass on the full ECB rate decrease of 0.5% to standard variable rate (SVR) and tracker rate mortgage customers.

Director of consumer banking at Bank of Ireland Brendan Nevin said: "The decision by the European Central Bank to reduce its rate from 3.75% to 3.25% is a welcome move.