It could be 2014 before the European Central Bank (ECB) raises the base rate again, according to a survey by the Irish Examiner.

All experts surveyed, which included top economists and property analysts, believe that the ECB will not increase rates again this year, with some saying that rates could even fall. Others believe, however, that the ECB cannot be seen to cut rates so soon after two hikes.

National Irish Bank chief economist Ronnie O’Toole said the next rise could be 2013 or as late as 2014 while Ian Kernohan, an economist with Royal London, expects the ECB to keep rates on hold until 2013.

Chief economist with Bloxham, Alan McQuaid, said he believes the ECB’s bias is still towards further monetary tightening. Given the slowdown in the Eurozone economy, however, he doesn’t expect any more interest rate increases this year. He said serious questions would be raised about the ECB’s credibility if they were to lower rates, having already hiked twice this year.

Chief economist with KBC Bank, Austin Hughes, said that the ECB may wait some ‘significant time’ before raising rates again. “Any near-term change in ECB rates is far more likely to be a cut than an increase, but the ECB will be very reluctant to ease policy - even though it might be appropriate”, he said.