Analysts said the central bank had set a target for the rate of around 0.75 percent.

During the quarter, the bank set aside $175 million to cover future bad loans.

The bank had set aside too much money in its reserves, they said.

Most banks have set their rates at 6 percent since July 1992.

In that period, the bank set aside $117 million for future bad loans.

Under the plan, the central bank would effectively set interest rates in all member countries.

Consumers should study the contract to learn the basis on which a bank sets the interest rate for its card.

For the entire year, the bank set aside nearly $1.1 billion to cover future losses.

The banks would set their own fees, which are expected to range from $5 to $10 a month.

However the bank has set aside €50m to cover the cost of refunds.