Interest rate cut may not be passed on in full to Irish borrowers

Irish borrowers with tracker mortgages will benefit from the ECB rate cut. Picture: Denis Minihane

The European Central Bank yesterday delivered an interest-rate cut, but the benefits for Irish borrowers remain uncertain as Irish lenders push back against calls to pass on lower borrowing costs in full, industry experts have warned.

In a widely-expected move, the ECB unveiled a quarter-point rate cut at its gathering in Frankfurt, the first since it started out almost two years on its aggressive campaign to fight inflation by driving eurozone borrowing costs to record high levels.