ME has decided to pass on only five basis points of last week's 25 bps cut in the cash rate.The bank said in a statement that it faced had faced a "significant and sustained" increase in the cost of funding over the past six months."Competition in the retail deposit markets has seen funding costs increase by in excess of 30 bps," it said.The bank pointed out that after cutting its standard variable mortgage rate by five bps its "reference rate" was between 32 bps and 40 bps lower that the rates of the major banks.In other rate moves yesterday AMP Bank cut its standard variable rate by 20 bps and Yellow Brick Road announced that it was passing on the full rate cut.ME and AMP Bank join ANZ, Bendigo Bank and Suncorp in opting not to pass on the full rate cut.