Bulgarian banks busy building up even more resources
Pressed by economic woes that sapped once abundant liquidity, Bulgarian banks are still intent on accumulating resources, according to the latest report by Moite Pari, the local financial advisers. Over the past month, lenders extended promotions offering mouth-watering deposit interest rates but none of them put up rates and a number even reduced them. Eleven lenders have tweaked their short-term deposit offers, with some extending promotions, others launching new products and still others venturing to slightly cut rates. At the same time, several banks lowered loan rates, giving a fillip to the mortgage market at the start of the new business season. , saying loan inquiries increased by 15 per cent from the month before, backed by a modest drop in interest rates, with rates shedding between 0.2 per cent and 0.8 per cent on preferential euro-denominated loans and between 0.5 per cent and one per cent on their local-currency counterparts. The average mortgage rebounded to 32 609 euro. In a sign that the luxury property segment is coming back to life, borrowers ventured to take upwards of 70 000 and even 100 000 euro. Some lenders have lifted the funding to between 70 per cent and 80 per cent of the property cost, mostly for deals struck at lower prices than what are typical of the area and the type of real estate. Otherwise, most property buyers get about 50 per cent of the total cost.
Text source: sofiaecho.com
Photo: Julia Lazarova
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(08.10.2009)