ECB interest rates remain unchanged at 1%

ECB interest rates remain unchanged at 1%

The ECB have left their interest rate untouched at 1%

The European Central Bank has left interest rates unchanged, as expected, at its meeting this afternoon.

The base rate across the eurozone remains at a record low of 1% with the bank still waiting to make its first cuts of 2012 after respective cuts of 0.25% in November and December.

Yesterday, Minister for Finance Michael Noonan said that if the ECB was to compromise on Greek debt, in the context of a new bailout, then this would encourage him to believe that the bank would also compromise on the promissory notes related to debt from Anglo Irish Bank.

However given Greek leaders have failed to sign-off on the bailout, and eurozone finance ministers are going to discuss the matter tonight, it is highly unlikely that ECB President Mario Draghi will comment on the matter today.

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