The Central Bank of Ireland made a loss of €795.4m last year, as it suffered along with many other businesses from the higher interest rates introduced by the European Central Bank (ECB) to curb inflation.

The changes will take effect on Thursday, but customers can still avail of the current rates if they open their account by Wednesday

The European Central Bank on Thursday offered no surprises as it cut interest rates for the eighth time in a year — further widening the differential between official U.S. and eurozone policy rates, a gulf that has prompted President Donald Trump to lash out repeatedly at Federal Reserve Chair Jerome Powell.