I notice your bank didn't send you an option for a tracker rate. This is a rate which is set at a specific level above the ECB rate (eg 1pc). That way, if the ECB rises, so does your rate. Equally, if the ECB drops so do your repayments. They are always cheaper than the variable and I cannot understand why people still opt for the variable.
I'd advise you to ring the bank and ask about their rates - and then check if it's worth your while switching to another bank for a cheaper rate. If you don't want the hassle of switching you can still ask your bank to match a competitors cheaper rate. Most are open to haggling for fear of losing your account