Alex White (Dublin South, Labour) | Oireachtas source

While the ECB base rate is a factor in determining those rates, a broad range of other factors, including deposit rates, market funding costs, the competitive environment and the institutions' overall funding, are key determinants. The improvements in the overall economy, reduction in the cost of funds, increased demand and greater competition between lenders has led to a reduction in the standard variable rate, SVR, offered by the majority of banks for new customers or, in the case of AIB, all SVR customers.

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