Just 4 banks will pass on rate cut in full

JUST four of the nine main banks and building societies have said they will pass on yesterday’s ECB interest rate cut in full to their variable mortgage customers.

AIB, which eventually caved in and passed on last month’s cut after a week of pressure from the Government, is giving little indication it is open to influence this time, stating that its variable rate “is unchanged” despite the ECB’s announcement of a 0.25% base rate reduction.

Ulster Bank and National Irish Bank, which resisted the pressure last month, have no plans to give in this time either, although they said they would keep the matter “under review”.