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Article: THREE banks were last night accused of profiteering on the backs of mortgage customers after they failed to pass on all of Thursday's cut in European Central Bank interest rates.
- Article from:
- Irish Independent (Dublin, Republic of Ireland)
- Article date:
- March 7, 2009
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Banks under fire for refusing to pass on rates cut
THREE banks were last night accused of profiteering on the backs of mortgage customers after they failed to pass on all of Thursday's cut in European Central Bank interest rates.
Ulster Bank, and its sister operation First Active, said they would be passing on only a fraction of the ECB interest rate cut to their variable rate mortgage customers.
Most banks said on Thursday that they would be passing on the savings after rates came down by 0.5pc.
But National Irish Bank said its rates on variable rate mortgages will remain unchanged.
The Danish-own bank yesterday defended the ...