APS lowers base rate
APS Bank will be lowering its base rate to 2.85 per cent on Friday following the European Central Bank's decision to reduce its refinancing rate by 75 basis points.
The bank's rate previously stood at 3.45 per cent. Its move follows similar decisions by the other local banks.
Last week HSBC Bank Malta reduced its base rate for all lending rates except home loans to three per cent and Bank of Valletta cut it to 2.95 per cent. Banif Bank (Malta) plc has also reduced its base rate to three per cent.
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K Zammit
Dec 17th 2008, 13:57
Again ........ while ALL EU countries are passing on the FULL interest rate cuts, it seems that locally, people can afford to pay more !!!! This is so unfair considering the fact that when ECB increases the base rate, local banks increase it accordingly and FULLY almost the next day.