Arnold Cassola, Alternattiva Demokratika – The Green Party Chairperson, urged banks operating in Malta to pass immediately and without any delay to their customers the complete decrease in interest rates.

“The European Central Bank has lowered interests rate for a fourth consecutive time, with the base interest rate now at 2%. Unfortunately all banks operating in Malta have failed in the past to pass without any delays and in total this decrease to their clients. This attitude is socially not acceptable and does not follow the recommendations of the European Central Bank,” concluded Prof. Cassola.

Michael Briguglio, AD Spokesperson for Social and Economic Development added, “It is not acceptable that whilst banks do not think twice to immediately decrease interest rates on clients’ savings, the opposite happens when clients are to benefit from interest reductions. Such reductions can make much difference to people who find it difficult to cope with the cost of living. One would expect more social responsibility from institutions which, after all, make profits from clients’ deposits.”

“The State should adopt a strong role in the banking sector so as to protect society from unecessary shocks, but also to give a more sustainable and socially just direction. The fall of irresponsible neo-liberalism and the current financial crisis clearly point towards this direction.”

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