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| Version 2 | Version 3 |
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| Banks move to match interest cut | Banks move to match interest cut |
| (2 days later) | |
| Northern Ireland's 'big four' banks have said they will be matching the 1% interest cut by the Bank of England. | Northern Ireland's 'big four' banks have said they will be matching the 1% interest cut by the Bank of England. |
| The Ulster Bank said all its tracker customers would benefit from the cut, but it is meeting to discuss other financial products. | The Ulster Bank said all its tracker customers would benefit from the cut, but it is meeting to discuss other financial products. |
| The Bank of Ireland said its standard variable rate would fall from 5.49% to 4.49%. | The Bank of Ireland said its standard variable rate would fall from 5.49% to 4.49%. |
| The First Trust Bank and the Northern Bank said their base rates would drop by 1% after the interest rate cut. | The First Trust Bank and the Northern Bank said their base rates would drop by 1% after the interest rate cut. |
| Interest rates are to drop by one percentage point, from 3% to 2% - the lowest level since 1951. | Interest rates are to drop by one percentage point, from 3% to 2% - the lowest level since 1951. |
| The Progressive Building Society said it was reviewing the Bank of England interest rate cut. | The Progressive Building Society said it was reviewing the Bank of England interest rate cut. |
| The decision by the Bank of England to reduce interest rates again has been welcomed in Northern Ireland. | The decision by the Bank of England to reduce interest rates again has been welcomed in Northern Ireland. |
| PricewaterhouseCoopers' Philip McDonagh said while the cut was welcome, the economic outlook remained grim. | PricewaterhouseCoopers' Philip McDonagh said while the cut was welcome, the economic outlook remained grim. |
| He said: "We had hoped to see a cut of 1.5 percentage points, but today's 1% cut still sends a positive message to beleaguered businesses and homeowners." | He said: "We had hoped to see a cut of 1.5 percentage points, but today's 1% cut still sends a positive message to beleaguered businesses and homeowners." |
| Ann McGregor, of the NI Chamber of Commerce, said: "It has come at the right time to help the slowing economy and is justified given that the UK economy is now in grave danger of suffering a prolonged recession. | Ann McGregor, of the NI Chamber of Commerce, said: "It has come at the right time to help the slowing economy and is justified given that the UK economy is now in grave danger of suffering a prolonged recession. |
| "It is also crucial that the banks now pass on the reduction to local businesses and other customers so that they can see the benefits." | "It is also crucial that the banks now pass on the reduction to local businesses and other customers so that they can see the benefits." |
| Glyn Roberts of the NI Independent Retail Trade Association said: "This is the only sensible decision that the Monetary Policy Committee could have taken to help stimulate demand and to encourage consumer spending. | Glyn Roberts of the NI Independent Retail Trade Association said: "This is the only sensible decision that the Monetary Policy Committee could have taken to help stimulate demand and to encourage consumer spending. |
| "We remain to be convinced that the recent reductions in VAT will have a real impact on consumer spending and so this rate cut is absolutely crucial." | "We remain to be convinced that the recent reductions in VAT will have a real impact on consumer spending and so this rate cut is absolutely crucial." |
| Andrew Irvine, from Belfast City Centre Management, said: "I think the Bank of England's certainly doing its bit though I would have a question mark over the local banks, I think some of this wealth is not being shared out. | Andrew Irvine, from Belfast City Centre Management, said: "I think the Bank of England's certainly doing its bit though I would have a question mark over the local banks, I think some of this wealth is not being shared out. |
| "If this is passed on and people see money coming off their monthly mortgage payment then I'm sure that will be a real boost in the lead-up to Christmas." | "If this is passed on and people see money coming off their monthly mortgage payment then I'm sure that will be a real boost in the lead-up to Christmas." |
| Ben Collins, of the Royal Institute of Chartered Surveyors NI, said he expected further cuts next year. | Ben Collins, of the Royal Institute of Chartered Surveyors NI, said he expected further cuts next year. |
| "Households and business will take some comfort from today's bold move by the BoE, which is a much needed response to the dramatically worsening conditions across the whole economy. | "Households and business will take some comfort from today's bold move by the BoE, which is a much needed response to the dramatically worsening conditions across the whole economy. |
| "However in our opinion it will not on its own be sufficient to bolster confidence given the scale of the current financial crisis," he said. | "However in our opinion it will not on its own be sufficient to bolster confidence given the scale of the current financial crisis," he said. |
| The Ulster Bank is also expecting further cuts. | The Ulster Bank is also expecting further cuts. |
| "We have probably seen the last of the big interest rate cuts and we expect a further, more modest, 50 basis points cut to 1.5% in January 2009," the bank's Richard Ramsey said. |