ECB poised for another big rate hike as inflation soars

There are 475,000 Irish tracker and variable rate borrowers who would be impacted by an ECB rate hike of as much as 0.75%.

The Euro sculpture stands in front of the former European Central Bank in Frankfurt, Germany, Wednesday, July 13, 2022. Picture: AP Photo/Michael Probst

Hundreds of thousands of homeowners are facing a big increase in their mortgage repayments if the European Central Bank (ECB) chooses, as predicted to up interest rates by 0.75%.

The bank's Governing Council meets this afternoon.