Interest rates rose again yesterday – leaving most households with hundreds of euro extra in their mortgage payments.
It was the fifth hike since last summer as the European Central Bank battles to control inflation. It means hundreds of thousands of households are waking up to the bad news that the main pillar banks are passing on, or are preparing to pass on the increases.
However, there was hope last night cost of living supports would be extended beyond the end of this month after January’s tax receipts saw the Exchequer pull in €7.5billion. Finance Minister Michael McGrath said “the Irish economy is in good health” and “we have the resources to do so” when asked if such an extension was imminent.
