Banks may hold off on ECB rate cut

THOUSANDS of borrowers may be kept dangling by the banks after the European Central Bank cut interest rates by 0.25% yesterday.

Bank of Ireland is to pass just 0.15% of the cut on to its mortgage holders, it has announced.

IIB has been the only lender so far to respond fully to the change. The cut of 0.25% will save its customers €14 per month on repayments on a €100,000 mortgage over 20 years.