BOI reduced our SVR, but would not match the lowest in the market, so we moved anyhow. Call them and tell them you are planning to switch to see what they will offer you..However, as mentioned above and as previously confirmed by Richie Boucher, they are deliberately keeping variable rates high to encourage people to fix. If you're happy to fix, then you can get 3.1% with BOI.
But if any further drops in variable rates, you will not benefit.
You are in a great position with your 50% LTV. AIB will give you 2K cash back and a 3.1% variable and have a history of passing on rate cuts to current customers.
The move process has been documented previously in some key posts, it really is not that arduous. AIB were very efficient in our dealings with them in a recent switch.
You will get change from your €2K after legal fees/valuation etc plus a good drop in your monthly repayment amount, plus in a good position if rates do fall further..