National Irish Bank and ACCBank have increased their variable mortgage interest rates by 0.4 per cent in response to the European Central Bank rate increases of 0.5 per cent announced in early November.

National Irish Bank's new standard variable rate is 4.39 per cent (4.5 per cent APR) for new and existing customers. The one-year fixed rate mortgages for new customers will remain at 3.75 per cent (4.5 per cent APR). The rates are effective from close of business today.

ACC's variable home loans rates are now 4.38 per cent, up from 3.98 per cent. The rates come into effect at close of business tomorrow.