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.