Weather warnings, Patrick Kielty’s Late Late preparations, anger in Libya over failed flood defences, while Justine McCarthy tackles reverse snobbery about rugby
Interest rates: Pain for homeowners and first-time buyers as rises push up mortgage payments
The decision by the European Central Bank (ECB) to raise its interest rates to the highest level since the launch of the euro will cause financial hardship to Irish homeowners and would-be homeowners and push more people into mortgage arrears, it has been warned.
The 10th consecutive rate rise since last summer will see the bank’s main lending rate climb from 4.25 per cent to 4.5 per cent and immediately add around €25 on to the monthly repayments of a typical tracker mortgage holder. It came with a warning from ECB president Christine Lagarde that that while rates may have reached a peak, there is no prospect of a reversal of its aggressive monetary policy aimed at bringing inflation across the eurozone under control.
“With today’s decision, we have made sufficient contributions, under the current assessment, to returning inflation to target in a timely manner,” Ms Lagarde told reporters. “The focus is probably going to move a bit more to the duration, but it is not to say – because we can’t say – that now that we are at peak.”
More News Headlines
- Patrick Kielty’s Late Late prep – Butterflies, politics and a message from Tubs: The owl has hogged all the attention but as Patrick Kielty counts down to his first Late Late Show at 9.35pm on RTÉ One tonight, other winged creatures are destined for a cameo. “Will there be a few butterflies? There will. But, ultimately, I’m going to try to take it all in and suck every last brilliant moment out of it.”
- Pain of ten consecutive interest rate rises will be felt for a long time: The decision by the European Central Bank (ECB) to raise its interest rates to the highest level since the launch of the euro will cause financial hardship to Irish homeowners and would-be homeowners. The 10th consecutive rate rise since last summer will see the bank’s main lending rate climb to 4.5 per cent and add around €25 on to the monthly repayments of a typical tracker mortgage holder.
- Could dispute between Ryan Tubridy and RTÉ end in court?: A legal dispute between Ryan Tubridy and RTÉ heralds a new phase in the conflict between the cash-strapped State broadcaster and its former star presenter. Whether the row ends up in the Four Courts is anyone’s guess. But the two sides appear to be very far apart.
- What are Social Democrats doing for under-35s? If there is such a thing as a youth vote in Irish politics, the Social Democrats look well placed to capitalise on it. If that comes to pass, the instalment of Holly Cairns as leader will doubtless be seen as crucial moment.
- Ireland’s weather today: Weather warnings are in force for a number of counties today. In Cork and Waterford a status orange rain warning is in place until 6pm with persistent, heavy rain forecast which could lead to localised flooding. A status yellow warning is in place for counties Carlow, Dublin, Kildare, Kilkenny, Laois, Offaly, Wexford, Wicklow, Kerry, Limerick and Tipperary until 6pm. Highest temperatures today will be 12 to 15 degrees with light to moderate northeast breezes, fresher near the southeast and south coast.
- Happening today: Three political parties are meeting today ahead of the return of the Dáil. Fine Gael, Greens and Sinn Féin will hold party think-ins to discuss Policy and strategy.
- Libya flood victims buried in mass graves a
…. to be continued
Read full article at the Original Source
Copyright for syndicated content belongs to the linked Source : The Irish Times – https://www.irishtimes.com/ireland/2023/09/15/your-morning-briefing/