The president of Ennis Chamber says the increase in interest rates by the European Central Bank signals a recession is ‘just around the corner’.
The ECB yesterday confirmed interest rates would be increased by a record 0.75%, following a 0.5% increase in July.
220,000 customers on variable mortgages are also likely to be affected.
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Colin Ryan, who is also a manager with Bank of Ireland, says the government need to accept that a recession is inevitable.
Listen to the full interview here:
