Austrian Banks React to ECB’s Interest Rate Decision

Business › Economy ♦ Published: July 8, 2011; 19:55 ♦ (Vindobona)

The Austria banks quickly passed on the interest rate hike to their customers. Christoph Leitl regards the decision as an impediment for budgetary consolidation.

Austrian Banks React to ECB’s Interest Rate Decision / Picture: © Vindobona.org

The European Central Bank (ECB) raised the key lending rate by 25 basis points on Thursday. Erste Group swiftly passed on this hike to customers. The bank announced that savings products with variable interest rates will be raised by 0.25% p.a. as of 15 July. As this hike had been prognosticated by analysts, savings passbooks and savings card accounts with fixed terms were already…

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Savings, Interest Rates, ECB European Central Bank, Banking Industry, Erste Group, Christoph Leitl, WKO Austrian Federal Chamber of Commerce
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