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THE EUROPEAN CENTRAL Bank looks set to cut interest rates in June in a move that will ease the repayment burden on tracker mortgage holders.
Reuters reported today that the move is “more or less a done deal”, and it will be pushed through along with a package of measures aimed at boosting lending to Small and Medium Size enterprises.
Personal finance expert John Lowe of moneydoctor.ie said that the rate cut is likely to be in the order of 0.15 per cent, but said that overall the impact would not have a huge impact.
“It’s insignificant in some respects, but it’ll still be a few bob off their mortgage repayments.”
While the rate cut will automatically be passed on to holders of tracker mortgages, Lowe said that those on standard variable rate mortgages are unlikely to have the cut passed on by their banks.
“I’m quite certain that they won’t pass it on.”
The rate cut was first signalled by ECB president Mario Draghi at his monthly press conference last week.
He said: “The Governing council is comfortable with acting next time but we want to see the staff projections that will come out in early June.”
While not overtly explosive, Draghi’s comments, which were versed in the conservative language favoured by central bankers, were welcomed by the markets after several months of inaction.
The move is primarily designed to try and encourage inflation in the euro zone, which is battling sluggish levels of price growth and the spectre of deflation.
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The Chinese – a great bunch of lads
Well done
Pmsl… Ted comments always roll off the tongue here on the journal but that has to be the most appropriate use of a ted quote yet. Well done!
Rehashing old tv quotes from cancelled tv shows is the height of humour.
The timing of such quotes is the height of humour,
And the unnecessary bitchiness on a funny and innocent quip is the height of ignorance.
An tír is mó ar domhan agus an an spórt is fearr ar domhan. Craobh na Síne le teacht -íosfaidh siad na Cait!
Father Ted was never cancelled either.
Big pick
U wot m8?
Yer a bit of a big ole dope Damian :-)
Damien, oasis or blur?
Terence your joke or someone elses?
I can hear Michael O’Muircheartaigh already.
“Lu wins the breaking ball, passes it out to Chow who drills it down to Mein on the full forward line who is tackled and wins the free off Jackie Tyrrell. Lu Chow Mein – I ordered that in my local Chinese in Maynooth last night – and it too went down as easy as Mein there”
I hear you’re a racist now father….
It’s not the Chinese he’s after, it’s the Greeks!
Its the best game in the world. My dad won a dublin championship medal in the late 60s and im still so proud
Michael Rice and Lee Chin gonna pop in?
Lookit I know that was a bit of a controversial comment. But in fairness I did laugh at it. Have a thumbs up
+1 Mr. Hayes!!!!
I really like this….wonder if we’ll ever get to see the show with subtitles…the Chinese have a great sense of humour just like us…they’ll be laughing their heads off at each other trying to hit that sliotar.
Great for tourism.
Anyone know where we can get a link to that show! :)
You have very clearly never seen Chinese TV. It’s all recycled clichéd trash with zero artistic value. It’s all about making money. Not just for the channel, for everyone involved.
Not that they there aren’t funny people in China, just you won’t see them on TV, like Jia Ling. Who you’ll only ever see on a (very funny, admittedly) Wrigley’s ad.
Chinese TV humor is total slapstick. I think we’re a little ahead of that….
500 million people! Brilliant publicity for the sport.
You’re playing Sino hurling now, lads.
Is it true the producer of the show is Mr Fun Hur Ling ?!
The fact that people like you still exist is worrying to a lot of people.
Hoo Lee Fuke
What’s the craic with the black hurlies?
Can you imagine the deforestation of Ash trees should it catch on in China? I might plant a few :-)
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