ALTERNATTIVA DEMOKRATIKA ASK BANKS TO PASS ON INTEREST CUT IMMEDITELY TO THEIR CLIENTS

Arnold Cassola,  Alternattiva Demokratika – The Green Party Chairperson,
urged banks operating in Malta to pass immediately and without any delay the decrease
of the interest rate straight to their customers.
“The European Central Bank has lowered interests rate for a third consecutive time.  However, whilst interest on clients’ savings are immediately decreased, to the advantage of the banks, the interest on mortgage repayments remains what it is for a considerable time.  This is unacceptable”, concluded Prof. Cassoa.
“It is very important that in these times of hardship when many families are facing dire straits due to the heavy increase in cost of living over the past twelve months, the reduction of the central base interest is passed to the citizens with a view to having lower monthly repayments for their mortgages.”
“We appeal to the social responsibilities of the banks”, concluded Mochael Briguglio.