ECB's Insurance Hike Hits Irish Mortgages as Lagarde's Exit Looms

The European Central Bank is set to raise interest rates by 25 basis points to 2.5% on Thursday, marking the second hike since June and the first real policy shift since September 2023. The move, dubbed an "insurance rate hike" by ING's Carsten Brzeski, comes as eurozone inflation climbed back above 3% in August on surging energy costs. For Irish households and businesses, this means another uptick in borrowing costs across mortgages and business loans.

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