Householders with tracker mortgages will not see any further drop in their monthly bill after the European Central Bank left its key interest rate unchanged at its latest monthly meeting.

It has left its main refinancing operations rate at 1.0%.

The decision followed two consecutive months of rate cuts, which were aimed at boosting the currency bloc's growth.

Any change in the ECB interest rate has a direct impact on the hundreds of thousands of mortgage holders who are on tracker rates in Ireland.

Some analysts believe that ECB president Mario Draghi who took office last autumn will drop the rate one more time however.

At a news conference on Thursday Draghi said the eurozone economy was still experiencing "high uncertainty and substantial downside risks".

"It is worth keeping in mind that the eurozone is possibly heading into recession and the risks of deflation are material, so it wouldn't be a great surprise if we see another rate cut before the end of Q1, particularly with the focus on eurozone growth that is emerging from EU leaders," said Richard Driver from currency exchange firm Caxton FX in London.