Tracker mortgage customers set to benefit as European Central Bank expected to embark on back-to-back cuts

The expected move will be the first time in 13 years that the ECB cuts rates back-to-back

Traders are banking on around a 90% chance of a 25 basis-point cut, which would bring its deposit rate down to 3.25%, a significant increase from as low as 20% when the ECB met last month.(Photo by Daniel ROLAND / AFP) (Photo by DANIEL ROLAND/AFP via Getty Images)

The European Central Bank (ECB) looks ready to deliver another cut to interest rates on Thursday, a move it almost ruled out entirely just a month ago.

The highly expected interest rate cut will immediately benefit tens of thousands of Irish homeowners, with attention likely to be diverted to the country's pillar banks as they come under increased pressure to reduce rates in response to the ECB.