Harris meets banks over mortgage interest rates

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The Taoiseach has told the banks he wants people to feel the benefits of reduced monthly mortgage repayments as quickly as possible as interest rates begin to fall.

The meetings focused on mortgage interest rates, the housing sector and finance for small and medium-sized businesses.

Yesterday, Central Bank Governor Gabriel Makhlouf said he was comfortable with just one more interest rate cut from the European Central Bank this year as he needed more time to gain confidence inflation was headed to the ECB's 2% goal. But Mr Makhlouf struck a more cautious tone in an interview with Reuters, even though he expected rates to fall eventually.

"I think two cuts today, at the beginning of July, is probably going a little bit too far. I'm not saying I'd rule it out."

 

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