The gap between the average returns on euro offshore savings accounts and the European Central Bank rate has narrowed slightly to 0.65 per cent, according to Investec Private Bank’s Channel Island subsidiary. Investec’s euro offshore savings index reveals that on 31 July 2007, the average return on the euro offshore savings accounts reviewed was 3.30 per cent gross, 0.70 per cent below the ECB rate of 4.00 per cent. By 31 October 2007, the corresponding figure was 3.35 per cent, with the ECB rate unchanged.