Bank of Ireland has joined the latest round of interest rate cuts. The bank has announced that its variable mortgage rate will be reduced by 0.25 of a percentage point to 5.24 per cent from close of business on April 20th next. New mortgage customers who qualify for the bank's discounted variable rate will now be charged a rate of interest of 4.99 per cent, down from 5 per cent. The rate of interest charged on Bank of Ireland's business loans will also be cut by 0.45 of a percentage point. The bank's deposit rates are not being reduced in line with other institutions.