EBS has announced it is to increase its Standard Variable Rate by 0.25 per cent from 4.68 per cent to 4.93 per cent from October.

This will add about €12 a month to customers' average monthly repayments, the institution said today.

Dara Deering, Director of EBS Retail Business said the new rates reflect the continued increase in the cost of funds to EBS.

Bank of Ireland last week announced plans to increase its standard variable mortgage rate by half a percentage point next month.

Permanent TSB and Ulster Bank put up their variable rates in February.