Slight reprieve as ECB keeps interest rates at record low

HOMEOWNERS were offered a slight reprieve yesterday when the European Central Bank (ECB) decided to keep interest rates at a record low of 1%.

ECB president Jean Claude Trichet said the bank will wait for new growth and inflation forecasts in March before deciding when to step up the withdrawal of measures used to battle the financial crisis.

He also said the decisions taken by the Irish Government to put the house in order have been “very impressive” Last month Mr Trichet referred to the “bold and courageous decisions which have been taken to put the economy back on its feet in difficult and demanding circumstances” in Ireland.