Bloomberg News

Ireland’s Noonan Says Interest Rate Rises Going ‘Out of System’

October 12, 2011

Oct. 12 (Bloomberg) -- Irish Finance Minister Michael Noonan said he expects recent interest rate increases are going to “go out of the system.”

“While there was an increase in the interest rate of half a percent, that’s going to go out of the system shortly,” he said in an interview on Dublin-based broadcaster RTE. “We are expecting a reduction now of three quarters of one percent.”

Noonan’s comments are based on what financial markets are pricing in for interest rate movements and he has no insights into how the European Central Bank will act, a spokesman for the minister said in a telephone interview.

To contact the editor responsible for this story: Dara Doyle at

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