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NI banks adopt interest rate cut NI banks adopt interest rate cut
(about 2 hours later)
Three out of Northern Ireland's big four banks have adopted the latest interest cut. All of NI's big four banks have adopted the latest interest cut.
On Thursday, the Bank of England announced it was reducing interest rates to a record low of 1% from 1.5% in an attempt to boost the economy.On Thursday, the Bank of England announced it was reducing interest rates to a record low of 1% from 1.5% in an attempt to boost the economy.
First Trust, Bank of Ireland and Ulster Bank have all brought their base rates into line with the cut. First Trust, Bank of Ireland, Northern Bank and Ulster Bank have said they will bring their base rates into line with the cut.
This marks the fifth interest rate cut since October, as the Bank seeks to encourage more lending.This marks the fifth interest rate cut since October, as the Bank seeks to encourage more lending.
The Bank of Ireland and Ulster Bank both said they were reviewing how the cut would affect standard variable rate products.The Bank of Ireland and Ulster Bank both said they were reviewing how the cut would affect standard variable rate products.
Northern Bank said it would reduce its standard variable rate mortgages by 0.2% from 1 March.