The average return on euro offshore savings accounts increased by 0.39% between 22 March and 3 July,...
The average return on euro offshore savings accounts increased by 0.39% between 22 March and 3 July, according to the Investec Private Bank's Euro Offshore Savings index. This compares with a rise of 0.25% in the European Central Bank's (ECB) rate during this time period.
Anna Malcolm, spokeswoman for Investec, said: "On 22 March 2006, the average return on the euro offshore savings accounts reviewed was 1.65% gross, which was 0.85% below the ECB rate of 2.5%. By 3 July 2006, the corresponding figures were 2.04% gross and 2.75%, which represented a significant closing of the gap between the two.
"This is in contrast to US dollar offshore accounts, where the gap between their average rate and the Federal Reserve rate increased by 0.22% during this period."
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