Video: ECB increases interest rates; clock ticking to restore powersharing

Share this article

ECB interest rate hike

The European Central Bank has raised interest rates for the third meeting in a row and signalled an intention to start mopping up cash from the banking system to fight record-high inflation.

The ECB has been undoing years of aggressive stimulus in a matter of months after being blindsided by a sudden surge in prices – the result of higher energy costs caused by Russia's invasion of Ukraine and the economy's uneven reopening after the Covid-19 pandemic.

The central bank of the 19 countries that share the euro raised the interest rate it pays on bank deposits by 75 basis points, taking it to the highest level since 2009.

Speaking earlier, Tánaiste Leo Varadkar said the increase could help “contain” house prices in Ireland and bring down inflation.

Stormont deadline looms

MLAs in Northern Ireland are returning to Stormont in a last-gasp bid to restore powersharing before fresh Assembly elections are called.


The sitting will see an attempt to elect a new speaker – a prerequisite before an executive can be appointed – but that bid is set to fail as the DUP will use its veto to block it.

The special sitting comes just hours ahead of a deadline for calling another election.

The Tánaiste has said it is "regrettable" that another vote in the North now looks likely, calling on the DUP to play its part in restoring the executive.

Motoring fines increase

Independent TD Michael Healy Rae has described the doubling of fines for motoring offences as "crazy" with no consideration for the public.

Fines for 16 road safety offences — including speeding, not wearing seat belts and mobile phone use — increased from Thursday.

Speeding fines increased from €80 to €160, while fines for mobile phone use, non-wearing of seat belts, and failing to ensure that a child is properly restrained rose from €60 to €120.

Mr Healy Rae said he was totally opposed to the doubling of fines, claiming the increases are to do with revenue, not with reducing deaths on the roads.

"They just want to be seen to be doing something, but what they're doing is they're hammering our hard-pressed motorists," he said.

Read More

Want us to email you top stories each lunch time?

Download our Apps
© 2023, developed by Square1 and powered by