If you pay off your mortgage, BoI will then put the proceeds on deposit with the ECB at ECB rate. So they will not be encouraging you to do this.I'm trying to calculate how much BOI are losing on my tracker mortgage (ECB + 1.1%).
ptsb gave a 10% bonus to people who paid down their mortgages at a time when they were reliant on ECB funding to keep going. It is the very opposite now.
If you repay a tracker at ECB + 1.1% and your bank can lend it on at 4.5%, they would be delighted to see you repaying your tracker. But that is not the position they are in.