Interest rate increase 'very, very likely' from the ECB amid major banking turbulence

THE EUROPEAN CENTRAL Bank will decide whether to increase interest rates by 0.5% today in Frankfurt. If the bank intends on following through with the increase, the base interest rate in the Eurozone and Ireland will rise to 3%.

Because of this, there is speculation whether the ECB will follow through with the decision at all with investors “rattled by worries”, according to head of money and markets at Hargreaves Lansdown, Susannah Streeter.Dan O’Brien, chief economist for the Institute of International and European Affairs , also told Morning Ireland, “There is severe turbulence happening in banking and financial markets… that could make the [European] Central Bank pause.

Customers in Ireland saw mortgage rates rise after a similar increase in February from the ECB, as AIB hiked all mortgage rates by 0.5%. However, he added that the ECB has to be careful to balance its decision as increased interest rates can risk a financial crisis while a lack of action could further impact inflation rates around the country.

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