HSBC, BoV cut interest rates

HSBC Bank Malta plc and the Bank of Valletta said that following the decision by the Central Bank of Malta to reduce the central intervention rate and discount rate by 25 basis points, they were reducing their own base rate to 3.25 per cent.

As from last Friday, HSBC's interest rates on all personal and commercial lending products linked to the bank's base were reduced by 0.25 per cent.

These products include home loans, commercial advances, Flexicredit, home credit loans, credit card lending, and current accounts. The credit interest rates on the Maltese lira deposits have also been reviewed downwards. The rate of interest that is charged to credit card balances will also be reduced by 0.25 per cent, with effect from July 28.

A schedule of the interest payable on all products can be found on website: www.hsbc.com.mt.

The Bank of Valletta said it was reducing its base rate by 0.25 per cent as from today.

The interest rates on all loans and overdrafts denominated in Maltese liri would be reduced by 0.25 per cent. The reduction in interest rates was not applicable on advances denominated in foreign currencies.

BoV's decision to reduce its base rate would also affect the interest rates payable on deposit accounts. The reduction in interest rates would also come into effect today.