Unfair delay harms customers
Every time the European Central Bank (ECB) raises interest rates, the Greek banking system responds by taking half measures. Banks immediately raise loan rates but typically delay raising the interest on deposits. This may significantly increase their profits but is an unjustifiable practice at their customers’ expense. In fact, if we take into consideration the fact that this is the ECB’s seventh hike in interest rates, we can see the accumulated damage suffered by those with deposits and loans. It is worth recalling that Greece has the greatest discrepancy between interest rates on loans and deposits, almost threefold the European average. We hope that this delay that is so profitable for banks is not repeated. Besides, there are state institutions whose job it is to protect the public from unfair practices of any kind. We have faith they will go into operation – albeit with some delay.
