There’s speculation this morning that the European Central Bank could cut interest rates at its monthly meeting next week.
Experts predict that given the deteriorating economic environment in the Eurozone and the heightened uncertainty in both Greece and Spain the ECB could lower its main interest rate, currently at a record low of 1 percent.
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A cut of a quarter of a per cent, if passed on by the banks equates to a saving of 15 euro a month for every 100-thousand euro owed.
The country’s 400-thousand Tracker mortgage customers would benefit directly.
The ECB meets next Wednesday and experts say if President Mario Draghi does not announce an automatic cut in the interest rate he is likely to signal a cut in July.
