Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

There are commercial decisions involved here. The Central Bank regulates the banks. The ECB has kept interest rates at an exceptionally low level for the past decade, as concerns about deflation dominated. Inflation is now the predominant concern and worry, hitting about 8.1% in May across Europe. Last week, the ECB signalled a 0.25% interest rate hike in July and said a bigger increase might be needed in September. In our previous interest rate cycles, lending rates and deposit rates tended to move together, so there is good reason to believe that at some stage in the near future, deposit rates will move up from the current exceptionally low levels, as the ECB tightens monetary policy.

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