Ulster and First Active not passing on cuts

ULSTER BANK and First Active are not passing on the latest European Central Bank (ECB) interest rate cut to customers on standard variable rate (SVR) mortgages.

The ECB cut rates by 0.25% this week.

Ulster Bank said its decision not to pass on the cut is “being taken in consideration of the needs of savers as well as borrowers”.

For homeowners on a €300,000 30-year SVR mortgage, the failure to pass on the cut will mean they will miss out on monthly savings of more than €40.

AIB, Bank of Ireland, AIB, ICS Building Society, Permanent TSB, Halifax, Bank of Scotland (Ireland), National Irish Bank and EBS will pass on the 0.25% cut to all variable rate mortgages and tracker mortgages.

Meanwhile, shares in AIB returned to €1 in early trading yesterday on a good day for the financials on the Irish markets. The ISEQ closed down 33.82 points at 2,330.36, having been up over 54 points at one stage.

AIB jumped 14c to €1.02, Bank of Ireland progressed 13c to 81c, Irish Life and Permanent increased 19c to €1.74, while insurance group FBD leapt 23c to €6.59.

In the construction sector, CRH weakened 77c to €16.92, Grafton Group rose 13c to €2.08, while Kingspan Group made a gain of 14c to €3.11.

European stocks also fell yesterday, trimming their fourth straight weekly advance, as a surge in US unemployment to a 25-year high damped optimism that the worst of the global recession is over. Credit Suisse Group and Deutsche Bank slid more than 1.8% as a report showed employers in the US cut 663,000 jobs last month.


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