With the lowest interest rate by the Bank of England in its 315-year history, the Northern Bank and the Ulster Bank have reacted quickly.

The Ulster Bank is to pass on the cut to customers with mortgages linked to the standard variable rate and borrowings linked to to the base rate.  The bank is defering a decision on its saving rates at the moment.

The Northern Bank has agreed to math the 0.5% cut on all its standard variable rate and base rate products.

First Trust Bank and the Bank of Ireland have yet to announce what they are doing.