ECB Rate Remains at 4%

Homeowners with tracker mortgages will not be getting any reductions in repayments yet. The European Central Bank (ECB) kept its benchmark interest rate at 4% yesterday.
Forecasts for 2008:
Some of the “experts” forecasts on ECB rates in 2008

IIB Bank economist Austin Hughes, said ” we expect rate cuts totaling 50 basis points before the end of 2008 and a further easing in the early part of next year.”

John Beggs, Chief Economist of AIB Bank said: ” rate cuts may amount to no more than 50bps in total by end 2008/early 2009 ”

Simon Barry, Senior Economist at Ulster Bank sticks with their forecast that official rates will be left on hold this year.