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Pop Milano to link new mortgages to ECB rate

Thu Nov 6, 2008 6:25am EST

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MILAN, Nov 6 (Reuters) - Banca Popolare di Milano SpA (PMII.MI) said on Thursday it would offer new mortgages indexed to the European Central Bank interest rate plus a 1.5 percent spread rather than to the Euribor rate.

The new mortgages, which will be available as of next Monday, will have a maximum duration of 30 years, the bank said in a statement.

(Reporting by Stephen Jewkes)



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