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01 December 2022
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After the European Central Bank for the third time in a few weeks reduced their basic bank interest rate to sustain industry, commerce, enterprise and households, to meet the rapidly deteriorating Economic situation in the EU countries, GRTU again insists with Government to ensure that these rates reductions are given in whole and not in part to Maltese entrepreneurs.
In a strongly worded message to the Minister of Finance, the Economy and Investment, GRTU Director General Vincent Farrugia insisted that:
"Rates went down 0.75%. GRTU hope that this time our members are passed on the full reduction. It is not acceptable that you continue to allow the Banks to fail from passing all the reduction to their clients.
On both previous occasions Banks only passed on a proportion of the reduction and the Regulators (Malta Financial Services Authority and the Central Bank of Malta) did nothing to safeguard the interests of whom they should be protecting. Even more so after Government guaranteed bank deposits with taxpayer's money.
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).