New Glitnir Bank cuts interest rates

26.01.2009

- Improving the corporate operating environment and reducing household debt burden a priority

New Glitnir Bank has decided to lower the bank's interest rates on both deposits and loans effective as of today. As a result, the prime rate on Glitnir's non-indexed loans has dropped by 2.85 percentage points, from 21.85% to 19%, since 28 October 2008. The most frequently used penalty interest rate has also dropped by 2.05-3.5 percentage points and interest paid on the leading type of savings accounts by 0.5-2.5 percentage points during this same period.

As an example, this has lowered the interest cost of an overdraft loan to students in Glitnir's loyalty programme Námsvild by ISK 36,000 annually and the cost to individuals in the bank's Gullvild loyalty programme by ISK 25,000.

"Improving the corporate operating environment in Iceland and lightening the debt burden of households as much as possible is a priority. Glitnir's rate cuts are part of this commitment," says Birna Einarsdóttir, CEO of New Glitnir Bank. "The cuts bring us one step closer towards lowering the interest rate level for New Glitnir's customers."

Older news

Islandsbanki hf.: Íslandsbanki successfully issues innovative EUR 300m callable 6-year bond (6NC5)

12.01.2018 - IR Releases
Íslandsbanki has today issued a EUR 300m 6NC5 1.125% fixed rate senior unsecured bond, at a spread of 75 basis points over 5-year mid-swaps.More

IS Funds’ Treasury bond fund with the highest returns in 2017

11.01.2018
IS Funds’ Treasury bond fund, IS Treasury bonds – long, generated the highest returns of all domestic mutual funds in 2017,More

6.47% stake in Jarðböðin for sale

11.01.2018
Skútustaðahreppur district and smaller shareholders have decided to offer their holding in Jarðböðin hf. for sale. More

Íslandsbanki hf.: Fitch affirms BBB rating with stable outlook

15.12.2017 - IR Releases
Today, Fitch Ratings has affirmed Íslandsbanki's ratings of BBB/F3 with a stable outlook. According to Fitch, the ratings for Íslandsbanki reflect...More

Íslandsbanki named Bank of the Year by The Banker

30.11.2017
Íslandsbanki has been selected as Bank of the Year in Iceland for 2017 by The Banker, a magazine published by Financial Times. This is the third time...More

Islandsbanki hf.: Íslandsbanki issues 10NC5 Tier 2 bond of SEK 750 million

16.11.2017 - IR Releases
Íslandsbanki has today issued a SEK 750m 10NC5 Tier 2 transaction. The bond pays a quarterly coupon of 3 month STIBOR +200bps.More

New Íslandsbanki housing market report

16.11.2017
If Íslandsbanki Research’s forecasts are borne out, house prices will rise by just over 20% year-on-year in 2017 and just under 12% in 2018. More
Netspjall