ECB rate cuts since September 2008 have potential of monthly savings of more than €500 on Irish €300,000 mortgage
May 7th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The European Central Bank Governing Council (ECB), meeting in Frankfurt, cut the ECB's benchmark rate by 0.25% today to 1.0%, in response to the Eurozone 's plunging economy. It is the lowest ECB rate, since the launch of the Euro in 1999. Markets view the cut today as the final cut in a cycle where the Governing Council has reduced the benchmark rate from 4.25% last October. the saving on a €300,000 since last September will exceed €500 monthly.