BANK OF IRELAND AND ICS BUILDING SOCIETY PASS ON 0.25% ECB REDUCTION AND INTRODUCE A FURTHER REDUCTION ON FIRST TIME BUYER 1 YEAR FIXED RATE

Bank of Ireland and ICS Building Society today (Thursday 2nd April 2009) confirm that we will pass on the full ECB rate decrease of 0.25% across Tracker, Standard Variable Rate and Variable LTV based mortgage products, for new and existing owner occupier homeloan customers.

In addition to passing on the ECB reductions, Bank of Ireland is also delighted to announce that we are introducing a further reduction to our 1 year fixed rate for First Time Buyers. The new market leading rate will be 2.35% (2.80% APR*) and will be effective from Thursday 9th April 2009, for mortgages drawn down by the 30th September 2009.

Speaking about the reductions, Jonathan Byrne, Head of Mortgages & Loans, Consumer Banking, said “This is more good news for potential home buyers. And together with our dedicated €1bn fund for first time buyers it is yet another positive step for those looking to buy their first home. We have a range of mortgage products both variable and fixed and all competitively priced, along with mortgage advisors in every branch, available and ready to work with customers on their particular mortgage requirements.”

* 2.80% APR following implementation of 0.25% ECB rate reduction

Ends 2nd April 2009

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

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