A Tracker Mortgage with Bank of Ireland Mortgages is a variable rate product that guarantees the full European Central Bank (ECB) rate changes will be passed on to customers within five working days. The Tracker Mortgage gives a price guarantee to customers that the ECB Tracker Mortgage will be locked in a stated % above the ECB rate.
With the Tracker Mortgage, movements in the ECB rate are fully transmitted in a defined timeline to the customer. In effect, from the customer's perspective this is a 'lock in' to current market rates. With the ECB mortgage customers will always have complete certainty of the rate over the full life of the mortgage as it is tied to the ECB rate with a percentage guarantee.
...from BOI web-site