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Wednesday 27 September 2023 Dublin: 10°C

# Interest Rates

Last week
17th September 2023 - 23rd September 2023
Cian O'Callaghan: We need 10,000 new affordable purchase & rental homes built every year
The Social Democrats’ housing spokesperson outlines the challenges in housing and the measures that would make an immediate difference.
This month
September 2023
Central Bank says Irish banks slower to pass on ECB policy rate changes than euro area
The ECB increased interest rates, for the ninth consecutive time, by 0.25% in July.
Last month
August 2023
McGrath tells banks and vulture funds to outline supports for mortgage holders trapped with high interest rates
McGrath says it’s ‘imperative’ the banking industry demonstrates supports for borrowers.
'They got away with it for too long': Harris won't thank bankers for upping saving interest rates
Harris said the banks are ‘laggards’ in terms of the slow pace they passed on interest rate hikes to savers.
Consumer prices in Ireland estimated to have increased by close to 5% in the year to August
Consumer prices are also estimated to have increased by a ‘hefty’ 0.5% in the month since July.
McGrath: Irish banks 'undoubtedly' enjoying huge profits but customers can do more with savings
Michael McGrath also said he will be having further meetings with banks and non-banks in the coming weeks to discuss support for struggling mortgage holders.
Harris criticises ‘guff’ over bank delays in passing interest increases on to savers
Minister Simon Harris reiterated his belief that Irish banks have been ‘laggards’ compared with European counterparts.
Opposition parties call on Govt to help households that are 'victims of profiteering banks'
Sinn Féin has called on the Government to convene a meeting with the Central Bank, and retail banks.
Why Ireland’s biggest private landlord is struggling - despite average rents of €1,800 a month
The short answer: interest rates.
Irish government dismisses suggestion of Italian-style windfall tax on bank profits
The future of Ireland’s existing bank levy will be decided in the Budget.
'I wonder have I failed my family': Readers describe their struggles with mortgage repayments
A report by
Jane Matthews
We asked readers how higher mortgage interest rates are impacting them.
Dept of Finance says govt can't do anything about banks paying low interest rates to savers
According to comparison site Bonkers.ie the best interest rate for savers in Irish banks at the moment is 2%
This year
2023
European Central Bank increases interest rates for the ninth time since last summer
The ECB last increased its interest rates on 15 June by 0.25%.
Are UK mortgage affordability struggles a sign of things to come in Ireland?
Changes in mortgage interest rates could leave people paying hundreds of euros extra a month.
Now versus the 1980s: How interest rates impact household budgets
Paul O’Donoghue looks at the comparisons between the generations.
European Central Bank increases interest rates for the eighth time since last summer
The institution has increased interest rates, for the eighth consecutive time, by 0.25% this morning.
Analysis: 'A number of variable mortgage holders are now looking vulnerable to rate hikes'
Mark Coan of moneysherpa has some advice for those on variable or short term fixed rates.
Analysis: Housing in Ireland won’t look any better before the next general election
Economist Victor Duggan looks at the continued decline of housing supply in this country – he doesn’t hold out hope of it improving any time soon.
Analysis: Government and the Central Bank can take steps to free the 60,000 mortgage prisoners
Mark Coan of Money Sherpa says more needs to be gone at the regulatory level to help those in insecure mortgage positions.
Opinion: Are all economists just focused on growth? No - meet the women making a difference
Dr Emma Howard says that the stereotype of economists being male and solely focused on economic growth is not a reflection of reality.
Analysis: Corporate profits must also be taken into account when discussing inflation
Oana Peia and Davide Romelli look at the increases in inflation and asses the impact corporate profits are having on this cycle.
Financial advisor: Another ECB hike has been imposed - what should mortgage holders do?
Kieran McAuliffe of Provest looks at today’s ECB increase in interest rates – the seventh in a row – and has some advice for mortgage holders.
Varadkar: Govt will examine mortgage relief as part of Budget 2024 as ECB hikes rates again
However, the Taoiseach said that it was not a promise that relief would be included in the next budget.
European Central Bank expected to hike interest rates again as inflation grows
The inflation rate in the eurozone rose to 7% in April.
Interest rate on some State Savings products to rise for first time in almost 16 years
This follows six interest rate hits by the European Central Bank since last summer.
Analysis: We know of 'shrinkflation' but what role is 'greedflation' playing in our economy?
Economist Victor Duggan wonders if it is a profit-price spiral that is driving inflation.
European Central Bank hikes interest rates for sixth time since last summer
The base interest rate in Ireland will now rise to 3%.
Permanent TSB is increasing its new fixed mortgage rates by 0.75%
The changes announced today follow five rounds of interest rate increases from the European Central Bank.
Financial expert: 'Never give up your tracker' may not be the best advice anymore
Mark Coan of moneysherpa has some advice for those on a tracker mortgage.
Last year
2022
European Central Bank slows pace of interest rate hikes with 0.5% rise
In response, Bank of Ireland confirmed that tracker mortgage rates will increase for all tracker mortgage customers by 0.5%.
Permanent TSB becomes latest bank to raise interest on fixed rate mortgages
The increases will range from 0.05% to 0.9% depending on a range of factors.
Bank of Ireland immediately raises interest rates by 0.25% for new fixed rate mortgages
Bank of Ireland says the move is ‘in light of recent interest rate increases by the European Central Bank’.
Tracker mortgage repayments to increase as European Central Bank hikes interest rates by 0.75%
The ECB announced the hike in a statement this afternoon.
The hike will see monthly tracker mortgage repayments increase.
The ECB has also warned that it expects to raise interest rates further to tame inflation.
Analysis: We can expect to see interest rates continue to march higher this week
Expected interest rate hike may help 'contain' house prices, says Varadkar
The ECB’s 25-member governing council is likely to lift its key interest rates by 75 points for the second consecutive time.
Analysis: We can expect to see interest rates continue to march higher this week
Economist Victor Duggan looks ahead to the expected ECB rate hike tomorrow.
AIB announces 0.5% increase on new fixed mortgage rates
It follows a decision by the European Central Bank to raise its interest rates.
Mortgage customers 'frustrated' over wait times to switch lenders amid interest rate hikes
There has been a significant increase in applications over the last 12 months, brokers have said.
One customer started his application in July and still has not received a loan offer from the lender he wants to switch his mortgage to, Michelle Hennessy reports.
Brokers have said the exit of Ulster Bank and KBC from the market has left other lenders struggling to keep up with rising demand.
Bank of England will change rates ‘as much as needed’ to control inflation
The pound crashed on Friday and Monday after the British Chancellor’s mini-budget.
Analysis: ECB rates are on the rise, what does this mean for mortgage holders?
Financial expert David Quinn looks at the latest rate hike and the options available to homeowners.
Tracker mortgages set for increase as ECB hikes interest rates by record 0.75 percentage points
The ECB is already playing catch-up with US and British central banks that started raising rates faster in response to inflation.