The ECB reduced the benchmark interest rate, which sets variable rate mortgage costs, by three-quarters of a percentage point - from 3.25 per cent to 2.5 per cent, its lowest level since June 2006.
The reduction is the steepest by the ECB in its 10-year history. Mortgage holders can expect their monthly repayments to fall by €43 for every €100,000 borrowed, based on a loan with a 30-year term. In just short of two months, the ECB has reduced its benchmark interest base rate from 4.25 per cent to 2.5 per cent in three successive cuts.
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