BUSINESS BRIEFS

Banks cut interest rates

SEVERAL retail banks in Slovakia have decided to partially offset the cancellation of the state subsidy on interest rates on mortgages. Slovenská sporiteľňa and OTP banks are lowering their interest rates, making loans more accessible to those seeking to buy homes, reported the daily SME.

The state has subsidised mortgages since 2000, paying part of the interest for borrowers. But now borrowers, including those who took mortgages before the cancelling of the interest rate subsidy, must make higher monthly payments.

Some banks made mortgages cheaper in December after the National Bank of Slovakia decreased its key interest rates.

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