Banks raise interest rates

Malta's major banks have announced increased interest rates.

HSBC Bank Malta plc has announced that, following the decision made by the Central Bank to increase the Central Intervention Rate by 25 basis points, it was increasing its own base rate by 25 basis points to 4.25 per cent.

With effect from June 1, HSBC's interest rates on loans and advances linked to the base rate will automatically be increased by 0.25 per cent.

The bank has also revised the debit interest rates on credit card lending and credit interest rates, on Maltese lira fixed deposits and savings accounts.

Meanwhile, HSBC Bank Malta has also announced an increase in its euro base rate to 4.10 per cent, following the decision by the European Central Bank (ECB) to increase its rate by 0.25 per cent to four per cent.

This new rate, effective as from last Friday, applies on all personal lending and commercial lending linked to the bank's euro base rate.

HSBC's euro base rate is consistently 0.10 per cent over the ECB reference rate. This provides a stable base rate compared to the alternative market rates of three- to six-month Euribor, which fluctuate daily and which are currently at 4.15 per cent and 4.29 per cent.

For more information visit www.hsbc.com.mt, call at any HSBC branches or HSBC Customer Service on tel 2380-2380.

Following the Central Bank's decision, Bank of Valletta too is raising its interest rates on deposits and advances denominated in Maltese liri.

The interest rates on savings accounts and term deposits have been reviewed upwards and have been increased by 0.25% p.a. with effect from June 1. Debit interest rates on loans and overdrafts, as well as on credit cards have also been increased by 0.25% p.a. with effect from the same date.

Visit www.bov.com or call the bank's Customer Service Centre on tel. 2131-2020 for more information.

APS Bank has also revised interest rates on term deposits and loans and advances denominated in Maltese liri. Visit www.apsbank.com.mt or calling at any bank branch for details.