i was biting my tongue as to whether to respond here given the wall of expectation, that just because cut its rates, the banks would cut variable rates. banks only take a portion of their funding from ECB - approx 60/70% I believe in Ireland. The remaining 30/40% has to come from ultra expensive deposits, term funding, capital etc.
The lack of even a basic understanding of the funding base of Irish banking is apparent here, and it would be great if someone would create a sticky post on the subject which could then be appended to any and all disccussions that arise every time ECB changes its rates, or banks changed their rates.
And before anyone jumps down my throat for showing a dissenting view - I am not on a tracker, and am on fixed, reverting to variable with NIB where the rates just went up 0.95%.