ECB announced on Thursday that it was reducing interest rates by a quarter of a percentage
Mortgage holders must “feel the benefit” of interest rate cuts announced by the European Central Bank , Taoiseach Simon Harris has said.
It is the first decrease in several years and following 10 consecutive increases of 0.25% since 2022. Following the announcement by the ECB, the Taoiseach stated that all mortgage customers must benefit. “Many households have experienced increases in their monthly mortgage repayments during a cost-of-living crisis.“I have written to the banks and will be meeting them shortly for a discussion on this.”
A spokesman for Bank of Ireland stated that a 0.25% decrease for tracker customers would be implemented from June 18.Finance Minister Michael McGrath said that banks should be “treating people fairly”.
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