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-point rate cut to variable and tracker mortgage owner-occupiers.

Economists had expected Ireland's major banks to promptly announce that they will pass on the cut because they are all included in the government's EUR440 billion bank deposit guarantee scheme.

-By Quentin Fottrell, Dow Jones Newswires; +353 1 676 2189; quentin.fottrell®dowjones.com