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Article: THE European Central Bank (ECB) is expected to cut interest rates again tomorrow in what will be the seventh cut in seven months.
- Article from:
- Irish Independent (Dublin, Republic of Ireland)
- Article date:
- May 6, 2009
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Homeowners in seventh heaven as ECB to cut interest rates again
THE European Central Bank (ECB) is expected to cut interest rates again tomorrow in what will be the seventh cut in seven months.
A cut of 0.25 percentage points is thought likely by economists in a move that would take the ECB's base rate to 1pc. If that happens, a family on a '200,000 tracker mortgage will see their monthly repayments come down by another '25.
Since last September, this family will end up paying '365 a month less on their home loan, if the ECB cuts by 0.25 points tomorrow.
Assuming this latest cut goes through, the ECB will have cut its main rate by 3.25 ...