"We have seen seven increases in the space of 10 months by the ECB - pushing up the interest rate and the cost of maintaining or securing the roof over your head," he said.
"It doesn't insulate them from everything, but what it does do is it takes the sharp edge of this off - and then lets review it again closer to the end of the year". "A family sitting down last June to work out how they're going to make everything balance didn't factor in the fact that they'd be paying €5,000 or €6,000 more on their interest on their mortgage," he said.He said interest rates are unlikely to drop in the short-term."You're also trying to insulate as many families as possible from a portion of this.
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