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Malta Chamber of SMEs President Mr Paul Abela met MDB Chairman Leo Brincat and CEO...
Banks hold back
12 November 2008
Although the Government has just given guarantees on Bank deposits like they have never seen before, the Maltese Banks are holding back from giving their clients what is rightfully theirs and what is required by the European Central Bank and the Maltese Central Bank.
The GRTU feels it is shameful that in such difficult times, when all European governments including the Maltese Government, are doing whatever possible for the financial system to be sustained and the burden on industry and commerce are not burdened by it so that in the shortest possible time economies are revitalised, the Maltese Banks are more interested in greater income rather than their clients' best interests.
This is the second consecutive time in a short period where the European Central bank has imposed on Banks to reduce the base interest rates. The banks have however chosen to ignore the instructions and to only pass a part of the reduction rather than the full amount that was ordered.
GRTU must once again therefore appeals to the Ministry of Finance, Chairman of the MFSA, the Governor of the Central Bank and the Director of the Office of Fair Trading to investigate how at a times where people's taxes are being use d to guarantee bank deposits, banks are not giving to their clients what they should be given by right, also in the interest of the Maltese Economy.
Interest rates are going down so that industry and commerce are better able to sustain themselves through the recession treat, a treat that would harm every party.
The GRTU therefore appeals to all the Maltese commercial Banks to give priority to the Maltese economy. GRTU expects Government not to tolerate the Maltese commercial Banks` negative attitude.
