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News > Economy
Irish rates are falling
November 6, 1998: 12:35 p.m. ET

Big cut seen raising chances Germany and France will ease rates by year end
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LONDON (CNNfn) - A massive interest rate cut by the Irish central bank staggered the markets in late European trade Friday.
     The Bank of Ireland slashed its repo rate by 125 basis points, to 3.69 percent from 4.94 percent, in a move that analysts said could have wider implications.
     "This raises the chances of an easing in French and German rates before the year end," said Claudio Piron, treasury economist at Standard Chartered Bank in London.
     Six European countries have lowered interest rates this week: the U.K., Sweden, Denmark, Portugal, Spain and now Ireland.
     "This only adds to the feeling that central banks are willing to cut rates aggressively, and ahead of schedule," Piron said. "This is symbolic because it shows that things are moving ahead, although no one predicted they would move so far so fast."
     As one of the 11 countries to participate in European Monetary Union in January, Irish interest rates must be close to the "core" rates of Germany and France by the end of the year. Repo rates in those countries stand at 3.30 percent currently. Back to top

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