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."

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