Q&A: What does the ECB's interest rate rise mean for Irish mortgage holders?

While two banks say they intend to absorb this first ECB rate rise, families are preparing for a further financial shock on top of 40-year-high inflation. Stock picture

News that  the European Central Bank (ECB) has raised its baseline interest rate by 0.50% — its first such move in more than a decade, but likely not the last this year  — was expected.

Nevertheless, it will likely have left a lot of people, businesses, and governments across the EU feeling very jittery indeed.