GRTU president appeals to banks to reduce interest rates on business

GRTU president Paul Abela has appealed to Maltese commercial banks to immediately reduce their interest rates on business.

Addressing a meeting of the MCESD, Mr Abela referred to the reduction of rates by the European Central Bank to help the European economy regenerate and said that Maltese banks should take the ECB’s example.

He said that no matter how much the ECB reduced its rates, the same thing did not happen in Malta and sanction letters issued by commercial banks in Malta were never with an interest rate lower than six per cent when the interest rate given for deposits was miserable.

He appealed to the Malta Financial Services Authority and the Central Bank to ensure that Maltese enterprise was financially served at a fair rate and to the Malta Competition and Consumer Affairs Authority to ensure that the dominant banks in Malta were not abusing of their position.

He appealed to the government to ensure that public regulators saw that every effort was made for interest rates on businesses to be lowered.