ECB rise shatters hopes of mortgage holders

The time for wishful thinking is over. Last week’s 0.25 per cent hike in interest rates came just one month after ECB president Jean-Claude Trichet shattered the view among many Irish bankers and mortgage customers that borrowing costs were on the ve

5th July, 2008

The time for wishful thinking is over. Last week’s 0.25 per cent hike in interest rates came just one month after ECB president Jean-Claude Trichet shattered the view among many Irish bankers and mortgage customers that borrowing costs were on the verge of falling.

This view had gained traction following the rate-cutting frenzy undertaken by central banks in the US and Britain in response to the credit crunch, which shows few signs of ending,...

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