Arnold Cassola, Alternattiva Demokratika Chairperson, has urged banks operating in Malta to pass on immediately, and without any delay, the decrease in the interest rates to their customers.

“The European Central Bank has lowered interests rate for a third consecutive time. However, whilst interest on clients’ savings has been immediately decreased, to the advantage of the banks, the interest on mortgage repayments has remained where it is for a considerable time. This is unacceptable,” concluded Prof. Cassola.

Michael Briguglio, AD Spokesperson for Social and Economic Development added, “It is very important that in these times of hardship when many families are facing dire straits due to the heavy increase in the cost of living, that the reduction of the central base interest is passed on to the citizens so that they may benefit from lower monthly repayments for their mortgages.”

Michael Briguglio appealed for more social responsibility from the banks, adding that the State should play a stronger role in the banking sector to help protect society from avoidable shocks.

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