Banks silent on passing on ECB rate cut

Banks are refusing to state if they will pass on the latest interest rate cut to struggling homeowners.

As the ECB cut the rate by 25 basis points to a record low of 0.5%, Bank of Ireland, AIB, Ulster Bank, KBC Bank, and IBRC, all refused to give a commitment to pass it on to variable rate mortgage holders.

Those lucky enough to be on tracker mortgages will see their repayments fall again by €15 a month per €100,000 borrowed.