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10th November 2008

Consumer Council Urges Banks and Building Societies to Pass on Interest Rate Cut Now

The Consumer Council today urged all banks and building societies to act now and pass on last week’s cut in interest rates to hard-pressed homeowners immediately.

Alison Donnelly from the Consumer Council said, “Since the Bank of England announced a cut in interest rates, only Ulster Bank has committed to pass it on to their customers on Standard Variable Rate (SVR) mortgages.  We commend them for giving their customers a much needed break, particularly at a time when people’s pockets are being stretched even further and Christmas just round the corner.  Unfortunately Northern Ireland’s other big three banks – Northern Bank, Bank of Ireland and First Trust Bank and two local building societies - the Progressive and City of Derry Building Society – have not yet made a decision about whether to pass on the cut to their SVR customers.  While we acknowledge that they will pass the cut to their tracker mortgage customers, in our opinion they are dragging their heels about making a decision about their SVR customers.  We are calling on them to do the right thing and pass this much-needed cut to all their mortgage customers and give them some relief at what is a very difficult time for many consumers.”

  1. Consumer Council media contact: Paula Gunn, telephone, 028 9067 4816 or e-mail, [email protected]
  2. The Consumer Council is an independent consumer organisation, working to bring about change to benefit Northern Ireland’s consumers. The Council campaigns for high standards of service and protection and a fair deal for all. It also carries out research, gives advice and publishes reports and other publications. It deals with individual complaints about electricity, natural gas, coal and passenger transport.
  3. For more information, visit our website at www.consumercouncil.org.uk