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THE EUROPEAN CENTRAL Bank has cut its interest rates by a further quarter percentage point.
The cut reduction comes as inflation eases and the eurozone economy struggles, with policymakers casting a nervous eye on US President Donald Trump’s protectionist agenda.
The central bank cut its benchmark deposit rate by a further quarter point to 2.75% today, its fifth reduction since June last year and a move widely expected by observers.
The ECB’s decision stands in contrast to the latest move by the US Federal Reserve.
In a statement announcing its latest decision, the ECB said the process of bringing inflation down was “well on track”, and the figure should return to the two-percent target “in the course of this year”.
It conceded that the economy was “still facing headwinds” but added that “rising real incomes and the gradually fading effects of restrictive monetary policy should support a pick-up in demand over time”.
The ECB reiterated that it would make its decisions based on incoming data, and it was not “pre-committing to a particular rate path”.
Responding to today’s ECB decision to cut its main refinancing interest rate by a further 0.25%, Brokers Ireland said the combined reductions since July 2022 are now significant for borrowers.
Rachel McGovern, deputy chief executive at Brokers Ireland said:
“Tracker mortgage holders, those most immediately impacted, will now be down by 1.6% to 2.9% on where they were when the ECB reached the very high point of 4.5% in September 2023. This includes the 0.35% reduction. Tracker mortgage holders, depending on their individual contracts, pay an additional 0.50% to 1.25% on the ECB rate.
“This is a welcome relief,” she said, adding that “the unexpected and rapid nature of ten hikes in just over a year coincided with other cost of living increases and was financially stressful for many, especially those paying interest only and still facing having to repay the full face value of their loans”.
“When you’re on a tight budget every increase adds pressure, not just financially but emotionally too.”
With reporting from AFP
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The public are against multinational commercial wind farms where the energy is sold to us, not wind energy itself.
Cooperatives like cloughjordan are an example of how beneficial and sustainable these community wind farms are
Nice soundbites, pity you don’t care about policy or facts. Millions will die from global warming but you’d rather stick to your narrow ideology than embrace change.
You mentioned the public are cautious of multinationals selling electricity to us from wind farms. Did you know ESBI is a multinational and owns quite a few wind farms outside of Ireland?? AND, who do you think really owns ESBI??
When the weather turns really bad and the price of electricity goes through the roof, they’ll be begging for the turbine to be erected.
We need change there is no doubt about that but wind turbines are not the way forward.
So what would you propose should be the way forward?? Let us all understand one thing. At this point any renewable energy is an alternative energy, not a primary energy. And please please don’t start with Nuclear energy is the way to go. That’s crap
That’s real internet hard talk David. Community participation is standard in the more civilised energy economies in Europe.
Any chance we could think outside the box for our energy in the future???? What’s the obsession with wind when we have other alternatives, looking more like cartels want to keep renewables to themselves instead of promoting this….. https://m.facebook.com/story.php?story_fbid=839925169365885&id=728257720532631&post_id=728257720532631_839925169365885#
Stanley. There are plenty of renewable energy sources that are miles ahead of wind. Wave energy being one. There are two irish companies pioneering ocean based renewable technology which far exceeded expectatioms and is far ahead of wind aswell. They had to go to scandinavia to test it because the irish government wouldn’t give them permission to test in irish waters. Osmosis is another one which is far ahead of wind energy.
Oh and btw nuclear is a much more efficient option than wind energy.
Eamon Ryan refused to do the legally binding SEA and CBA for windfarms. He is ignorant of engineering and while he may have good intentions at heart his policies have brought disaster to Ireland.
It’s a pity they didn’t cut their prices two !
Yes, it is a pity they didn’t cut their prices in two.
We are subsidising these wind turbines in a PEAK OIL market – despite all the waffle of the past decade… we need renewables because peak oil will put the price of energy beyond reach… to cloak the huge gap between the price of turbine energy and fossil fuels, they applied a carbon tax.
Remove the carbon tax and you would hardly notice the $100 barrel price.
I’d say Eamon Ryan is a wow at parties
He’s a great cure for insomnia!
If they could cut the ESB bills, like the Co2 emissions we be happy!
Eamons dream is a nightmare for the ordinary Joe soap. Cut carbon emission by what…with led technology and cfc bulbs coupled with A rated appliances most house holds have reduced their energy consumption. Wind farm did not reduce the carbon bill on its owen and that’s what’s wrong with Eamon he only sees the top level and always did. What anoys most is reduced energy consumption by the individual and carbon material intake equals an ever increasing energy bill. Why.
Every house hold has to stump up how much for this crap?
Is that why my PSO is going up again
PSO is 2 thirds gas and Peat, 1 third wind.
Wind is Ireland’s second cheapest electricity generation technology (after hydro).
59% of PSO due to wind
Hi, I think it is 28% for next year.
94m out of 335m.
Alan M.
If that much has been saved, where is the reduction in the pso levy or electricity tax????
“serious about transitioning to 100% decarbonised energy in Ireland.”
This statement proves Eamon Ryan does not know anything about energy systems. Its no wonder we are we are now.
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