HSBC Bank Malta has announced that as a result of the ECB interest rate change, it is reducing its Home Loan Base Rate (HMLR) from 4.25% to 3.75%. The HMLR is the base for the banks variable mortgage lending.

Reflecting the prevailing market conditions, HSBC has also adjusted its base rate for all other lending to 3.95%.

These revised base rates are effective as from this coming Monday, the 13th of October 2008.

HSBC has also reduced its savings rates in line with the ECB rate cut, with the exception of the HSBC On Line Savings Account which remains at 3% p.a. The bank said that this is in line its policy to encourage the use of electronic banking and its automated channels.

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