HSBC cuts rates

HSBC Bank Malta said this afternoon that as a result of the ECB interest rate change, it is reducing its Home Loan Base Rate (HMLR) from 4.25% to 3.75%. The HMLR is the base for the bank’s variable mortgage lending. Reflecting the current market...

HSBC Bank Malta said this afternoon that as a result of the ECB interest rate change, it is reducing its Home Loan Base Rate (HMLR) from 4.25% to 3.75%. The HMLR is the base for the bank’s variable mortgage lending.

Reflecting the current market conditions, HSBC has adjusted its base rate for all other lending to 3.95%.

The revised base rates are effective as from Monday 13th October 2008.

HSBC has also reduced savings rates in line with the ECB rate cut, with the exception of the HSBC On Line Savings Account which has been retained at 3% p.a.. This is in line with bank policy to encourage use of electronic banking and its automated channels.

The European Central Bank (ECB) two days ago announced a decrease in its Reference Rate from 4.25% to 3.75%.

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