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President of European Central Bank Mario Draghi Michael Probst/AP/Press Association Images

ECB interest rate cut may be announced on Thursday

Homeowners could benefit from a cut by the European Central Bank in interest rates, which is expected to be up to 0.5 per cent.

THE EUROPEAN CENTRAL Bank may cut interest rates by up to 0.5 per cent this Thursday.

The AFP reports that the ECB’s governing council will hold its last monthly interest-rate meeting this year on Thursday.

This is the same day as European Union leaders gather in Brussels to discuss the future of the euro.

The Irish Independent reports that homeowners could benefit from a cut of up to 0.5 per cent in interest rates – but even if no large cut kicks in, there may be a second decrease at the beginning of 2012.

Interest rate cuts will automatically benefit homeowners who are on tracker mortgages.

But banks don’t have to pass on rate cuts to homeowners with variable rates – Bank of Ireland, Start Mortgages, Ulster Bank and National Irish Bank all made the decision not to pass on the last rate cut in November.

Read: ‘Merkozy’ meet to plan stronger fiscal coordination across eurozone>

Read: Mortgage holders advised to check contracts for possible savings>

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