ECB keeps rates at record low of 1%

THE European Central Bank gave no indication it was considering raising interest rates yesterday meaning more good news for tracker mortgage holders.

The ECB left interest rates at their record low 1% for a 17th month and ECB president Jean-Claude Trichet said rates are “appropriate,” signalling no immediate plan to tighten monetary policy.

Mr Trichet extended emergency lending measures for banks into 2011 and the ECB will keep offering banks unlimited one-week and one-month loans until at least January 18.