ECB increase interest rates by 0.5% with further increases expected

The European Central Bank has increased interest rates by 0.5 per cent, and intends to do the same next month.

Bank of Ireland has confirmed tracker mortgage rates for all tracker mortgages will increase by half of a per cent.

For most customers it will take effect from the 22nd of February.

President of the ECB, Christine Lagarde. has indicated more rate rises are on the cards: