Finance Minister says he canno...


Finance Minister says he cannot protect people from rising interest rates

RedFM News
RedFM News

11:56 27 Oct 2022

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The Finance Minister says he can't bring in measures to protect people from rising interest rates.

Yet another hike is expected when the European Central Bank's governing council meets today.

It's anticipated there could be an increase of 0.75% announced, meaning around 400,000 homeowners would see higher monthly mortgage repayments.

It'll be the third interest rate hike so far this year.

Minister Paschal Donohoe says there are options available for mortgage holders:

"Over 80% of new mortgages that are being issued are fixed rate mortgages, which does offer a degree of insulation for the future. There are still switching opportunities available from banks to allow mortgage holders to get better value. I nor indeed any government cannot bring in measures that can compensate for what's going to happen to changes in interest rates. And indeed, if we were to do so it would be counterproductive."

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