No cuts in borrowing rates for 2013

Irish businesses and households can expect higher borrowing rates next year, even if the European Central Bank cuts rates again, as lenders try to return to profitability.

30th December, 2012
No cuts in borrowing rates for 2013
ECB president Mario Draghi: expected lower rates next year will not translate to lower lending costs for Irish borrowers.

Irish businesses and households can expect higher borrowing rates next year, even if the European Central Bank cuts rates again, as lenders try to rebuild margins and return to profitability.

ECB lending rates have been at a record low of 0.75 per cent since July, when ECB president Mario Draghi oversaw a 0.25 percentage point cut to underscore his commitment to saving the euro, allowing Irish banks to cut deposit rates. But borrowing rates have...

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