Video: ECB increases interest rates, Biden tests positive for Covid-19

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Kenneth Fox

Interest rates increase

The European Central Bank has raised interest rates by 0.5 per cent to address inflation, the first time the bank has raised rates since 2011.

Irish tracker mortgage holders will be affected, while other mortgage holders may be impacted depending on how banks react to the announcement.

Joey Sheahan, head of credit at online broker MyMortgages.ie, explained: “Today’s announcement will hit the pockets of the approximately 300,000 mortgage holders on tracker rates and probably the approximately 200,000 on variable rates."

Joey Sheahan, head of credit at online broker MyMortgages.ie, explained: “Today’s announcement will hit the pockets of the approximately 300,000 mortgage holders on tracker rates and probably the approximately 200,000 on variable rates.

An example of what this might cost the average household in Ireland is as follows:

(Based on a €250,000 mortgage with 25 years remaining on a 1 per cent tracker rate increasing 1.50 after the ECB’s announcement):

  • 0.5 per cent increase means that a borrower will pay an extra €47 monthly or €564 annually or €14,100 over the life of mortgage.

Biden Covid-19

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US president Joe Biden has tested positive for Covid-19 and is experiencing "very mild symptoms," the White House said.

Mr Biden (79) will go on carrying out the duties of the office and has begun taking a course of the antiviral treatment Paxlovid, according to his press secretary, Karine Jean-Pierre.

"He is fully vaccinated and twice boosted and experiencing very mild symptoms," she said in a statement.

"Consistent with CDC guidelines, he will isolate at the White House and will continue to carry out all of his duties fully during that time," she said, referring to the Centers for Disease Control and Prevention.

Portrush murder

A man has been charged with the murder of a father of five in Portrush.

Paul Rowlands (46) was attacked in the Bath Terrace area of the Co Antrim seaside resort in the early hours of Sunday.

The father and grandfather from the Cambridge area had been staying in Co Antrim.

A 39-year-old man arrested following the attack has been charged with murdering Mr Rowlands.

The accused was due before a district judge at Ballymena Magistrates’ Court on Thursday afternoon.

A GAA player who grabbed an opponent's testicles during a game in Co Donegal has been charged with assault.

Assault charge

Teacher Michael Friel appeared at Letterkenny District Court charged with a Section 3 assault causing harm to Laurence McMullan at Convoy GAA pitch.

The accused was playing for Naomh Colmcille from Newtowncunningham against rivals Naomh Mhuire from Convoy in Convoy on August 19th, 2017.

Filmed footage of the game and specifically the incident was repeatedly playing during the case.

Speed cameras

Gardaí have announced that a further 61 new speed cameras will be in use from next Tuesday, July 26th.

This will bring the total number of cameras nationwide up to 1,373.

The announcement comes as in 2022, there have been 89 road deaths an increase of 28 over 2021 and 13 to date in 2019.

The primary purpose of safety cameras is to reduce speed-related collisions, lessen injuries and save lives, Gardaí said in a statement.

They said safety cameras operate in areas where there is a history of speed related collisions known as speed enforcement zones.

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