In the Eurozone there are several interest rates which are set by the ECB.
The rate that most people in Ireland on tracker mortgages are interested in is called the “main refinancing rate “.
The refinancing rate is the rate at which the ECB lends money to commercial financial institutions like banks. It is this rate that determines the rate charged on “tracker mortgages” which first appeared in Ireland around 2001 – but have not been available for new customers in Ireland since 2008.
The “ECB ” rate is normally quoted as the “deposit rate” which is usually 0.5% lower than the main refinancing rate . The ECB deposit interest rate rose to 4% on September 20th 2023.
2024 ECB Rate Cuts
In June 2024 the ECB announced cuts to its three interest rates of a quarter of a percentage point – or 25 basis points. These were the first cuts since 2016
Further cuts on September 18th were announced on Sept 12th.
The ECB main refinancing rate fell from 4.25 % to 3.65% from September 18th 2024 . This is the rate used to set tracker mortgage rates.
The ECB deposit rate was cut from 3.75% to 3.5% also on Sept 18th 2024
17th the ECB announced it was lowering lower the three key ECB interest rates by 25 basis points. Accordingly, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 3.25%, 3.40% and 3.65% respectively, with effect from 23rd October 2024.
Here is The ECB Interest Rate History since 2003
(The rate shown is the “refinancing operations” – this rate is usually higher than the “deposit rate” rate.)
| Date | Interest Rate % |
| 2003 7 Mar | 2.50 |
| 2003 6 Jun | 2.00 |
| 2005 6 Dec. | 2.25 |
| 2006 8 Mar. | 2.50 |
| 2006 15 Jun. | 2.75 |
| 2006 9 Aug. | 3.00 |
| 2006 11 Oct. | 3.25 |
| 2006 13 Dec. | 3.50 |
| 2007 14 Mar. | 3.75 |
| 2007 13 Jun. | 4.00 |
| 2008 9 Jul. | 4.25 |
| 2008 15 Oct. | 3.75 |
| 2008 12 Nov. | 3.25 |
| 2008 10 Dec. | 2.50 |
| 2009 21 Jan. | 2.00 |
| 2009 11 Mar. | 1.50 |
| 2009 8 Apr | 1.25 |
| 2009 13 May. | 1.00 |
| 2011 15 Apr | 1.25 |
| 2011 15 July | 1.50 |
| 2011 9 Nov | 1.25 |
| 2011 9 Dec | 1.00 |
| 2012 9 July | 0.75 |
| 2013 8 May | 0.50 |
| 2013 Nov | 0.25 |
| 2014 Jun | 0.15 |
| 2014 Sept | 0.05 |
| 2016 March | 0.00 |
| 2022 July | 0.5 |
| 2022 Sept | 1.25 |
| 2022 Nov | 2.00 |
| 2022 Dec | 2.50 |
| 2023 Feb | 3.00 |
| 2023 March | 3.50 |
| 2023 May | 3.75 |
| 2023 June | 4.00 |
| 2023 Aug | 4.25 |
| 2023 Sept | 4.50 |
| 2024 June | 4.25 |
| 2024 Sept | 3.65 |
| 2024 Oct | 3.40 |
You can see the latest Mortgage Interest Rates in Ireland here.
See Euro Sterling Historical rates
Historical Mortgage Rates in Ireland
Historic Savings Rates Ireland