ECB rate remains unchanged

ECB rate remains unchanged

The ECB decided at their monthly meeting today to keep interest rates on hold, despite speculation last week that they might be about to drop them by another quarter of a percentage point.

Following today’s decision, the base rate will remain at the historic low of 0.75% for another month at least.

Last month the ECB cut their rates to 0.75% to free up cash in the Eurozone but just a handful of banks passed the cuts on to their variable rate customers, with some of the bigger banks such as AIB and Bank of Ireland actually increasing their rates of interest.

Tracker mortgage holders automatically benefit from any rate decrease, however, but they will have to wait to see whether they could be in line to make further savings on their monthly mortgage repayments.

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