Bank of Ireland NOT Passing On ECB Rate Cut ( again)


Bank of Ireland were charging 5.4% variable for new business just before the last ECB Rate cut . That cut was 0.5% on the 8th of October .

Today Bank of Ireland finally passed 0.3% of the 0.5% on to its new customers and kept 0.2% for themselves. They dropped from 5.4% to 5.1%

They did the same for their existing Variable customers who dropped from 5.9% to 5.6% .

The old rates may be found HERE (they were applicable 11th sept until today)

Their 2 year fixes for new business are only 0.2% cheaper .


This was reported in yesterday’s Sunday Times. ICS (part of BoI) and Permo have not passed on the full cut.


I think it’s perfectly reasonable for banks not to pass on the full cuts. Their cost of funds have increased. Also they need to start pricing in greater loss risk.


I agree. But it’s rather unfortunate that when they were asked by the press whether they would be passing on the full cut they all said yes.


I did not expect them to pass it on .

Then they said they WOULD pass it on

Then they did not pass it on like they said they would .

Nor will they pass the next one on either at the end of the month , no matter what lies they tell anyone :frowning:

Wunch of Bankers :frowning:


“we’ve enough capital”, “we’ll pass it on in full”, “no overcharging”, “offshore whats”. It’s survival of the squirmiest.

They passed on 60% of the decrease, which makes their comments mostly true :smiley:



Any chance that you could apologise for lying to your customers less than a month ago Brendan.

After the ECB cut by 0.5% in October you greaseballs in BoI press released … 94773.html

Yet you greaseballs in BoI did not pass it on, you only passed on 0.3% of the 0.5% :frowning:

**1. Why should anyone believe you greaseballs this time.???
2. Why have you not apologised to all your customers for lying to them less than a month ago.???
3. Why , in fact, should anybody believe anything that comes out of Bank of Ireland???


Greaseballs at Permo have their say too


Did they indulge in BoI style greaseballery last time too ??

EG promise the full cut in a press release and not deliver .


According to the Sunday Times they did. See the second post in this thread.


This thing of passing on these cuts to new mortgage business, will the banks use the govt guarantee to start the reckless borrowing splurge again at these new lower rates? (its like 2002-2005 all over again)

It just seems odd that new mortgage business is getting the full cuts passed on, i had thought the banks would want every cent as possible out of mortgages?


i have been asked to go on newstalk 106 tomorrow at 8.30 am to talk about trackers and banks not passing on rate cuts.
hopefully a chance to get this thread mentioned too!


If I remember correctly AIB said at the same time as they reduced their results that they didn’t expect a huge amount of bad debts on their residential mortgage book. If they know the residential customers aren’t suffering to much or are too frightened of defaulting to skip payments they will be tempted not pass on ECB rate changes in full.m I’d assume the same applies to other banks.


Or “in the region of” being true :laughing:


They are quick enough to reduce their savings rates by the full amount!!! AIB dropped their 7day notice by the full 0.5% last time, so presume they will again. I thought they were after cash.