Banks play a rate cut option
Oct 07, 2012 (Menafn - The Australian Financial Review - ABIX via COMTEX) --The Reserve Bank of Australia is expected to cut the official cash rate by 0.25% in November 2012. The big four banks are likely to pass on any such cut in full, despite National Australia Bank (NAB), Commonwealth Bank of Australia and Westpac Banking refusing to do so in October. NAB finance director Mark Joiner said wholesale funding costs would continue to rise until 2014, which would prevent banks from passing on rate cuts in full. He said the bank's funding costs rose by an average of 0.6% each quarter.
Publication Date: 8 October 2012
RESERVE BANK OF AUSTRALIA
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED - ASX ANZ
COMMONWEALTH BANK OF AUSTRALIA - ASX CBA
NATIONAL AUSTRALIA BANK LIMITED - ASX NAB
WESTPAC BANKING CORPORATION - ASX WBC
LEHMAN BROTHERS INCORPORATED
AUSTRALIA.DEPT OF THE TREASURY
RATECITY PTY LTD
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY
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