2nd UPDATE: Ireland's Three Major Banks To Pass On ECB Cut
April 02 2009 - 12:36PM
Dow Jones News
Irish Life & Permanent PLC (IPM.DB), Bank of Ireland PLC
(IRE) and Allied Irish Banks PLC (AIB) said Thursday they will pass
on the full European Central Bank 25 basis points interest rate cut
to variable and tracker owner-occupier mortgage customers.
Economists had expected Ireland's major banks to promptly
announce that they will pass on the rate cut, as they are all
included in the government's EUR420 billion-plus bank deposit
guarantee scheme.
The ECB's Governing Council surprised the markets earlier
Thursday by cutting its key policy rate by only 25 basis points, to
1.25% from 1.5%.
-By Quentin Fottrell, Dow Jones Newswires; +353 1 676 2189;
quentin.fottrell®dowjones.com