A hydraulic spool valve is provided in which two inlet bores and an outlet bore lead into a housing. A spool-valve piston which is under the influence of compression springs on both sides can be displaced longitudinally in the housing. When a difference in pressure of the hydraulic fluid in the inlet bores occurs, the inlet bore which conducts the lower pressure in each case is connected to the outlet bore. The two compression springs are pre-stressed and have an additional expansion path. During the displacement of the spool-valve piston from a neutral central position into an extended intermediate position, the two compression springs therefore remain in operative connection with the spool-valve piston, in which case the spring forces counterbalance each other until the intermediate position is reached.