Doubts that ECB will cut rates quickly sees Bank of Ireland raise net interest income guidance

Bank said it expected interest rates this year to be 25 basis points higher on average across the ECB, Bank of England and Federal Reserve compared to previous forecasts

 Myles O’Grady, Chief Executive of Bank of Ireland. Pic: Naoise Culhane

Bank of Ireland has raised its net interest income guidance after a "strong" start to the year, with the lender now expecting it to be 3-4% lower compared to previous forecasts of 5-6% lower. 

The updated figures come amid doubts about the path of future interest rate cuts, with many forecasters now predicting the European Central Bank will be reluctant to move too quickly this year should stubborn inflation persist in the US.