When is ECB rate change applied?

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babyblackie

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If the ecb rate changes on a particular day eg March 8th, is it applied immediately on a tracker or from the 1st of next month?
 
I think most mortgage contacts give the bank 30 days to apply a change in ECB rate. This often means the 1st of the subsequent month.
 
the ECB announce the rates on a Thursday, they are not effective in the ECB until the following Wednesday,
then as above the mortgage contract will state how long the bank has to change the rate that is applicable on the mortgage.
some are 7, but most would be 30 days.
 
If it is of any interest Ulster Bank implemented the last six ECB rate cuts as follows:

Rate cut with effect from 10/3/16 - UB implemented from 26/3/16
4/9/14 - 19/9/14
5/6/14 - 20/6/14
7/11/13- 22/11/13
2/5/13 - 18/5/13
5/7/12 - 19/7/12

So in general UB have implemented cuts around two weeks after the ECB date.
 
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