Brendan Burgess
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MRO is the short term ECB repo rate. 5bps
Rates on new business term deposits continued to decline in June 2015 (Chart 1). Rates applicable to NFCs decreased by 5 basis points to 0.13 per cent, while the corresponding rates for households fell by 13 basis points to stand at 0.31 per cent.
Irish term deposit rates are, on average, well below Eurozone averages. The ECB says that Eurozone rates for term deposits are on average 0.80% to 1.18% depending on the duration.
So could you maybe put this in plain English?
"Irish rates have decoupled from their traditional correlation with the MRO benchmark (Chart 2)."
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