ECONOMY

FinMin chides banks, tells them to raise deposit rates, reduce commissions

FinMin chides banks, tells them to raise deposit rates, reduce commissions

Finance Minister Christos Staikouras gave Greece’s banks 10 days last Saturday to proceed “immediately and boldly” with an increase in interest rates on deposits and a reduction in interest rates on new loans. 

In fact, he characterized the 4.86% interest rate on new loans in October as unacceptable. 

Speaking to Skai TV, the minister said that “the average interest rate on new deposits is stable at 0.05%. The average interest rate on new loans in October increased by 0.26% and is now at 4.86%. This is unacceptable. They should raise deposit rates immediately and significantly, and reduce the interest rate on new loans.” 

According to the minister, a second very important chapter concerns bank commissions. 

“Banks charge Greek citizens a lot, and they don’t pay them what they should. I have asked them to re-evaluate within 10 days the commission on 12 specific services,” he said. 

Staikouras also clarified that significant progress has been made with the extrajudicial mechanism.

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