Interest rates rise on ECB hike

Several Greek high-street banks announced higher interest rates on loans and deposits following a 0.25 percent hike in the European Central Bank's main lending rate. Banks that announced changes in interest rates for their products included Eurobank, Piraeus Bank, Marfin Egnatia Bank, Millenium Bank, Hellenic Bank and FBBank.

The hikes announced ranged from a minimum 0.25 percent, keeping step with the ECB increase, but some deposit interest rates were raised by up to 0.35 percent and for loans by up to 0.5 percent.

Many of the changes concerned loans or accounts using the ECB rate as a reference and the majority will go into effect from this Friday, while some changes will be implemented over the course of May and early June. Classes of loans affected include mortgages, consumer loans, credit cards but also loans to businesses.

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