Bank of Valletta is revising its interest rates following the European Central Bank announcement that it has lowered its refinancing rate.

The bank said in a statement that in view of the challenging international financial and economic situation, it would be supporting home owners and the manufacturing industry by offering beneficial lending rates to these sectors.

BOV said it is reducing the base rate on house loans to 2.65 percent. The base rate applicable to other lending, such as personal loans, overdrafts, credit cards and business lending, is being revised to 2.95 percent.

The bank said that as from the first week of January, the base rate applicable to the manufacturing industry would be established at 2.85 percent. This decision was taken with the aim of supporting the manufacturing industry in a highly volatile economic environment.

BOV said the savings rate has also been revised to 0.6 percent, while term deposit accounts from one to five years would be carrying an interest rate of 2.5 percent.

The bank said it has decided to retain the existing advantageous rates on all e-savings accounts which are operated solely through internet banking and ATMs.

These rates, with the exception of the manufacturing base rate, are to come into effect on Monday.

(See also http://www.timesofmalta.com/articles/view/20081209/local/hsbc-announces-change-in-base-rate/)

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