Rate Hike Day: ECB's 2.5% Move Hits Irish Wallets as EU Budget Battle Looms

The European Central Bank is expected to raise its main interest rate to 2.5% today — a quarter-point hike that will immediately hit Irish tracker mortgage holders. If you owe €100,000, your monthly repayments will jump by €13. For a typical Irish mortgage of €300,000, that's roughly €39 more per month, or nearly €500 per year. The move is driven by eurozone inflation running at 3.3% — well above the ECB's 2% target — fuelled largely by oil...