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EBS to reduce its standard variable rate

The company is to reduce the rate in line with the European Central Bank’s recent rate cut.

Image: Eamonn Farrell / Photocall Ireland

EBS IS TO become the latest financial institution to reduce its standard variable rate.

EBS said that it would reduce its standard variable rate by 0.25 per cent from 4.93 per cent to 4.68 per cent.

The reduction will be put into place from 1 December.

This announcement comes after National Irish Bank said it was to increase its variable mortgage interest rates by up to 0.95 per cent.

However, it insisted this decision had nothing to do with the European Central Bank’s recent rate cut.

At least three mortgage providers are to pass on the ECB’s cut of 0.25 per cent to their customers.

Read: National Irish Bank says rate hike not related to ECB cut>

Read: Two banks will pass on ECB interest rate cut to mortage holders>

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