The likelihood of mortgage-holders getting short-term relief from a cut in interest rates looks unlikely after the European Central bank kept borrowing costs on hold.

The governing council of the ECB held rates at their current record low of 0.75% after their monthly meeting in Frankfurt today.

The bank’s president, Mario Draghi, said he is “ready to act” on moving rates depending on how the European economy performs in the next few months but there was none of the immediate language from his that would lead anyone to believe a move lower is coming soon.

At the height of euro-area crisis last summer there had been an expectation that rates would come down again to stimulate the European economy and get banks lending. A reduction would also help many household struggling with their loans. While many borrowers may have expected a cut early this year, it is increasingly clear that reducing rates may be off the table until the summer at the earliest.

There’s a few reasons for the ECB not to pull the trigger. For a start, rates are already at a historic low and the two cuts announced by Draghi last tear have had little impact on spurring Europe’s struggling economy.

Further cutting the lending rate would mean deposit rates would also have to fall and that would put them into negative territory. That would leave banks effectively charging to hold deposits - something that has never happened in the eurozone.

And then there is the bank’s mandate. Unlike the US central bank, the ECB’s main focus is not to spur either the economy or boost employment. Its goal is to make sure that consumer prices don’t spiral out of a control – a mandate that has more to do with the history of Europe than economics.

For all of that the European economy is still deeply troubled. Figures released this week show unemployment across the continent at a record high of nearly 12%. For young people the figures are much higher.

Added to that is the crisis that has forced Ireland, Greece, Portugal and Cyprus to seeking bailouts.

This would indicate that some of assistance is required and among the few tools available for the ECB is a cut in interest rates. While it is still a possibility, it may not soon enough for many people here in Ireland.