ECB INCREASES INTEREST RATES

ECB INCREASES INTEREST RATES
That will see the main borrowing rate going from 0 to 0.5%.This is the key rate that determines what banks charge customers on their borrowings.

The interest rate on the marginal lending facility will rise to 0.75%.

It will also see the deposit rate moving back to zero for the first time since 2014.

That rate has been in negative territory for the past eight years.

The bank is under pressure to increase rates to tackle significant inflation which is running at around 8.6% across the eurozone and 9.1% in Ireland.

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