ECB Raises Rates; First-Time Buyers Secure Most Mortgages in 18 Years
The ECB raised interest rates by 0.25%, impacting mortgage holders. First-time buyers secured the most mortgages in 18 years, while Intel's Irish operations are thriving. Government energy aid favors higher earners, and three builders won €30,000 for unfair dismissal.
The European Central Bank (ECB) increased interest rates by a quarter of a percentage point, a move anticipated by markets. While mortgage holders may face financial strain, consumers are advised to prepare for potential impacts.
Separately, a report from the Economic and Social Research Institute indicates that government measures to mitigate energy price surges disproportionately benefit higher-income households, almost twice as much as lower-income households.
Intel, previously struggling, is now thriving, positively impacting its main Irish operation in Leixlip. Meanwhile, first-time buyers secured more mortgages last year than in any year since the 2008 financial crash, marking an 18-year high. The value of these mortgages was the highest since 2003.
In other news, three Romanian builders received €30,000 for unfair dismissal after being let go by an engineering contractor following a work stoppage at the Intel plant in Co Kildare to protest alleged racist behavior.