The Malta Chamber for Small and Medium Enterprises (GRTU) has urged the government to take action against the attitude being shown by Maltese banks which, it said, were not lowering interest rates as much as they should.

In a statement, the chamber said that for the second time in a short period of time, the European Central Bank had reduced its rates but some of the Maltese banks felt they should ignore this message and they had passed on to their clients only part of the reduction they were obliged to pass on.

The chamber appealed to the Finance Minister, the Chairman of the Malta Financial Services Authority, the Central Bank Governor and the Director of Fair Trade to ensure that at a time when the Maltese, through their taxes, were guaranteeing the banks’ deposits, the banks passed on to their clients what was theirs by right.

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