Bank of Ireland not passing on rate cut.

Bank of Ireland promised – and I quote from the statement released on October 9th : ” Bank of Ireland today, Thursday 9th October 2008, confirms that it will pass on the full ECB rate decrease of 0.5% to our existing Standard Variable Rate (SVR) and Tracker Rate Mortgage customers. “

The new BOI variable mortgage rates are on their website today – and they have only been reduced by around 0.3% accross the board. The old variable rate for existing customers was showing as 5.79% – it is now 5.45%
How will they explain this one to customers ?
Other rates for new customers vary according to LTV – but all have been dropped by 0.3% too.
If they had reduced rates by the full 0.5% – BOI variable rates would have been the lowest available. Currently the lowest variable rate is available from Halifax (4.9%) – See our list of Best Buys on the right for more .