Irish Life & Permanent PLC (IPM.DB) said Thursday it will pass on the full European Central Bank 25 basis points rate cut to variable and tracker mortgage customers.

Allied Irish Banks PLC (AIB) and Bank of Ireland PLC (IRE) weren't immediately available for comment.

Economists had expected Ireland's major banks to promptly announce that they will pass on the 25 basis points rate cut, as they are all included in the government's EUR420 billion-plus bank deposit guarantee scheme.

-By Quentin Fottrell, Dow Jones Newswires; +353 1 676 2189; quentin.fottrell®dowjones.com