The formation of interest rates is unclear to about two-thirds of borrowers

Nearly two-thirds of the consumers of banking services describe the formation of interest rates on loans as unclear, showed a study of Synovate, conducted in May 2011 and cited by Investor.bg, which involved 951 people between 18 and 69 years of age. About 59% of the respondents described the methodology for the formation of interest rates by banks as unclear, but every third respondent defined it as "totally unclear." Merely one-fifth of the respondents are aware of how interest rates are being set and merely 2% indicated that this process is "very clear".

Perhaps, this is why most of the respondents specified that they wished their interest rates to be fixed - 52% opted for this option, while another 6% declared that they preferred floating rates. About 5% of the polled believed that it is correct for the rate to be formed on the basis of a fixed and a variable component. The Synovate survey showed that, in general, pessimism about the banking sector is on the rise again. Against this background, there is an increase in the proportion of people who expect a worsening of the economic conditions.

DSK Bank is leader in terms of market positions in the country and every third person cites it as the first bank that comes to his mind. According to most of the respondents, the financial institution is the most popular bank on the market both in terms of its brand and advertising campaigns. Over 60% of the respondents said they had seen an advertisement of DSK recently. United Bulgarian Bank ranks second in the survey of Synovate (15%), followed by UniCredit Bulbank (9%), Postbank (8%), Raiffeisen Bank (9%) and First Investment Bank (6%). Finally, when asked about the first three financial institutions which they have in mind, the respondents pointed out DSK Bank, United Bulgarian Bank and UniCredit Bulbank.

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