Another possibility is that legislation may be brought in which would cap the SVR at, say 3%.
Therefore your current deal of SVR -1.3% would mean that Ulster Bank could charge you only 1.7%.
I suppose that this is possible, though, in my view, it is highly unlikely.
The current FF Bill proposes that the Central Bank may limit rates. It does not say that the SVR must be limited.
Most lenders no longer offer SVRs to new customers, so it would be pretty pointless basing the ceiling on SVR.
I don't think that the proposal to give control to the Central Bank will go through. I think that it will be capped in the legislation in some way.
For example, one of the following approaches might be taken:
1) The maximum rate a lender can charge is 3%
2) The maximum rate a lender can charge is ECB + 1% + x% loading for high LTV mortgages
3) The maximum rate a lender can charge is 33% above the average market rate
None of these approaches would affect you.