Bank of Ireland and ICS Building Society Pass on Full 0.75% ECB Reduction

Bank of Ireland and ICS Building Society today, Thursday 4th December 2008, confirms that we will pass on the full ECB rate decrease of 0.75% across our Tracker, Standard Variable Rate and Variable LTV based mortgage products, for new and existing owner occupier homeloan customers.

We are also delighted to announce that Bank of Ireland is introducing a further cut to its 1 year fixed rate for First Time Buyers, the new rate will be 3.05% (4.00% APR). In addition we are further reducing our Variable LTV based products in Year 1, to support customers in the first year of their mortgage.

Speaking about the reductions, Jonathan Byrne, Head of Mortgages & Loans, Consumer Banking, Bank of Ireland, said “We welcome this move by the European Central Bank, which we are passing on in full to our owner occupier homeloan customers. This is good news for potential home buyers and existing home owners alike and demonstrates that we are very much open for business.”

4th December 2008

For reference
Sharon McDonnell
Group Consumer Communications Manager
Bank of Ireland
Tel: 01 604 3750
Mob: 087 2269324

Bank of Ireland and Bank of Ireland Mortgage Bank, trading as Bank of Ireland Mortgages, are regulated by the Financial Regulator. Bank of Ireland Mortgage Bank is a member of the Bank of Ireland Group ICS Building Society is regulated by the Financial Regulator. ICS Building Society is a member of Bank of Ireland Group