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Irish Independent
03-06-2025
- Business
- Irish Independent
ECB set to cuts rates this week as inflation cools faster than expected
The ECB is widely expected to cut rates on Thursday at a scheduled meeting of its governing board. A rate cut of a quarter of one percent would bring the rate for the ECB's main refinancing operation – a reference for Irish tracker mortgages – to 2.15pc, a level last reached in late 2022. Traders are currently placing a 96pc chance on cut on Thursday, which will be the eighth cut since last June to the bank rate, currently at 2.25pc. Consumer prices rose 1.9pc in the year to the end of May, slowing from an inflation rate of 2.2pc in April. Excluding volatile items like food and energy inflation moderated to 2.3pc, while pressures in the closely watched services sector cooled markedly. It's the first time in eight months and only the second since mid-2021 that headline inflation hasn't exceeded the target. Inflation had spiked to 10.6pc in October 2022. Due to the uncertainty over how the global trade situation will evolve, the ECB will provide scenarios alongside its quarterly projections on Thursday. In March, it saw inflation slowing to 1.9pc in 2026 and 2pc and 2027, from 2.3pc this year. The strengthening of the euro, as the dollar has fallen, combined with softer energy costs have helped ease prices more quickly than many had expected. On Tuesday Bank of Ireland said it is cutting interest rate paid to savers on 12 and 18-month term deposits by 0.25pc from Thursday, June 5th. Customers who are in the process of opening new 12- or 18-month fixed-term deposit accounts can still avail of the current rates if they open their account by the close of business on 4 June, the bank said. It will take the interest earned for locking into the bank's Advantage 12 Month Fixed Term account to 1.74pc. The interest earned for locking into the Advantage 18 Month Fixed Term account will fall to 3.36pc (an annualised rate of 2.24pc). Bank of Ireland said the rate reduction will not affect its other savings accounts, including SuperSaver, the bank's most popular choice for new regular savings, which continues to offer a 3pc AER (Annual Equivalent Rate) for 12 months. Savers who are already locked into fixed-term deposit account will continue to earn interest at their original rate until the end of their term. The move comes ahead of an expected European Central Bank rate cut in Thursday, which will be the eight in succession. The ECB has lowered interest rates by a cumulative 1.75 percentage points in a year in a bid to calm inflation. In the same period Bank of Ireland, headed by CEO Myles O'Grady, has reduced its 12 and 18-month term deposit rates by a total of 0.75pc including the latest cuts.
Irish Examiner
03-06-2025
- Business
- Irish Examiner
Bank of Ireland savers facing third interest rate cut of year on some accounts
Bank of Ireland will reduce interest rates on its 12 and 18-month fixed-term deposits by 0.25% this week. From Thursday, the bank will reduce rates from 1.99% to 1.74% on its Advantage 12-Month Fixed Term fixed term accounts, and from 2% to 1.75% on its Advantage 12-Month Annual Equivalent Rate (AER) accounts. The Advantage 18-Month Fixed Term will see rates cut from 3.73% to 3.36% and from 2.48% to 2.24% for 18-Month AER accounts. This will be the bank's third cut this year for some savers, with previous cuts in January and February. Up to 25% of funds can be accessed during the term of an Advantage Fixed-Term Deposit Account. 'Customers who are in the process of opening new 12- or 18-month fixed-term deposit accounts can still avail of the current rates if they open their account by the close of business on 4 June,' a Bank of Ireland statement said. 'Existing fixed-term deposit account customers will continue to earn interest at their original rate until the end of their term.2 There are no changes to any other savings accounts, including SuperSaver, which continues to offer a 3% AER for 12 months.
RTÉ News
03-06-2025
- Business
- RTÉ News
Bank of Ireland cuts rate on 12 and 18-month term deposits by 0.25%
Bank of Ireland is to reduce the interest rate on its 12 and 18-month fixed-term deposits by 0.25% from this Thursday. But the bank said there are no changes to any of its other savings accounts, including its SuperSaver product, which continues to offer a 3% AER for 12 months. The bank said that customers who are in the process of opening new 12 or 18-month fixed-term deposit accounts can still avail of the current rates if they open their account by the close of business on June 4. Existing fixed-term deposit account customers will continue to earn interest at their original rate until the end of their term, it added. Bank of Ireland noted that the ECB has lowered interest rates by a cumulative 1.75% over the last few months, while it has reduced its 12 and 18-month term deposit rates by a total of 0.75% - including the changes announced today.
Irish Independent
03-06-2025
- Business
- Irish Independent
Bank of Ireland to reduce savings rates on some accounts
Customers who are in the process of opening new 12- or 18-month fixed-term deposit accounts can still avail of the current rates if they open their account by the close of business on 4 June, the bank said. It will take the interest earned for locking into the bank's Advantage 12 Month Fixed Term account to 1.74pc. The interest earned for locking into the Advantage 18 Month Fixed Term account will fall to 3.36pc (an annualised rate of 2.24pc). Bank of Ireland said the rate reduction will not affect its other savings accounts, including SuperSaver, the bank's most popular choice for new regular savings, which continues to offer a 3pc AER (Annual Equivalent Rate) for 12 months. Savers who are already locked into fixed-term deposit account will continue to earn interest at their original rate until the end of their term. The move comes ahead of an expected European Central Bank rate cut in Thursday, which will be the eight in succession. The ECB has lowered interest rates by a cumulative 1.75 percentage points in just under two years in a bid to calm inflation. In the same period Bank of Ireland, headed by CEO Myles O'Grady, has reduced its 12 and 18-month term deposit rates by a total of 0.75pc including the latest cuts.
Yahoo
22-05-2025
- Business
- Yahoo
Lawmakers will reconsider slowing Nebraska's minimum wage increases – but likely vote next year
State Sen. Jane Raybould of Lincoln. (Zach Wendling/Nebraska News Service) LINCOLN — The Nebraska Legislature will retake a vote on a proposal to slow down voter-approved minimum wage increases – but likely not this session. A Democratic-led minority and Republican-led majority in the officially nonpartisan body fought Thursday over whether to allow reconsideration of the vote on Lincoln State Sen. Jane Raybould's Legislative Bill 258. Raybould, whose family owns a grocery store chain that includes Super Saver, is the lone Democrat supporting the slowdown. State Sen. Dave Wordekemper of Fremont is the lone Republican opposing the bill. The rest of the Legislature's Democrats and one nonpartisan progressive who usually votes with them, argued against ignoring 'the will of the people.' They celebrated a brief tactical victory May 14 by forcing a faster vote while one GOP senator was off the floor and missed the vote. 'Hats off to the opponents. Well played and well within the rules, just as this motion … is in order and appropriate,' State Sen. Bob Hallstrom of Syracuse said. 'We're here today due to a heat of the moment.' Raybould's revived proposal, in its current form, would shrink voter-approved annual wage increases by setting the annual increase at 1.75%. It also would create a youth minimum wage and amend a separate state training wage to limit it to workers aged 16 to 19 at 75% of the state minimum wage later this year, rather than at 75% of the federal wage. Training workers can earn that wage for up to the employee's first 90 days on the job. Under the voter-approved law, workers would see larger wage increases. Currently, the state minimum wage is $9 an hour. If lawmakers do nothing, voters will increase that to $15 next year. Then the base wage would increase each year based on a cost of living measurement, a calculation of inflation for the Midwest region from the previous August. The same lawmakers who used the rules to force a quicker vote and kill the bill challenged the legitimacy of the motion to reconsider. Speaker John Arch pointed to a reconsideration motion on a bill in 1984 as precedent, allowing State Sen. Beau Ballard of Lincoln to file a reconsideration motion after all. A reconsideration motion requires a senator on the 'prevailing' side to want to change a vote, or the requesting senator must have missed the vote. Ballard voted 'no' after realizing Sorrentino had missed the vote. 'I disagree that this is in order,' Sen. George Dungan of Lincoln said. 'But even if it is in order, it's a waste of the people's time. If not, break, bend the rules in an effort to continue our parade of walking back the people's votes. It's kind of an embarrassment for the body.' Raybould pushed back on the idea that she was messing with the people's will, saying she made 'a commitment to follow the rules of this body and not bend the rules, despite what so many might be saying today.' She previously told reporters that she is uncomfortable with suspending legislative rules to bring back her bill. Raybould and supporters of her measure said her changes would protect small businesses that could not afford to pay more. 'I am saddened that the debate on previous rounds of debate on this bill became ugly, heated and personal,' Raybould said. 'It didn't have to, and that was a choice as well.' Thursday's push was the latest part of a trend of the GOP-majority Legislature pushing back against a handful of ballot measures passed by Nebraska voters on requiring paid sick leave, raising the minimum wage, repealing school vouchers and legalizing medical marijuana. Arch said he didn't intend to reschedule the bill for a vote for the remainder of the legislative session. He told a reporter that it's a 'matter of fairness,' because he is 'just flat out of time.' 'I've got 11 general file priority bills that are not going to be able to make it to the floor,' Arch said. 'In fairness to those that have not been able to get on the floor … it's not appropriate to bring a bill back for a vote, take perhaps another two hours … take time.' The political dynamics facing the bill could change next year as voters see base wages increase to $15. Raybould's proposal, if passed next year, would claw back some of the increases that young people would get under the current law, which Raybould acknowledges. 'Sadly, what I think will happen come [next] January, and I've heard through several small businesses that I've been in contact with and have emailed me that they probably won't hire 14- and 15-year olds,' Raybould said. 'They'll just give more hours to those that have been with them … more years.' If Raybould decides not to wait, Ballard and Raybould both said they're still open to amending Raybould's proposal into his paid sick leave bill. His proposal would weaken a voter-approved paid sick leave framework, using similar arguments to hers. Ballard said he would prefer to keep his bill clean. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
