Lower interest rates a benefit to consumers

The debt woes of Ireland are well known. One of the biggest legacies of the 2000s is the burden of debt now carried by both households and the government.

The credit binge of those years saw household debt as a percentage of disposable income more than double to over 200% between 2002 and when it peaked in 2010.

Due to a combination of fiscal imprudence during the bubble years and bank rescue costs after it burst, Government debt also spiralled, going from 25% of GDP in 2007 to peak at 120% in 2012.