Banks hit by 'relentless' costs
Oct 07, 2012 (Menafn - The Age - ABIX via COMTEX) --ANZ Banking is tipped to follow the lead of its three rivals among the main Australian banks and pass on only part of the official cash interest rate cut of 25 basis points. The CEO for Australia at ANZ, Phil Chronican, has commented that the sector continues to see cost pressures increase, as financing needs to be rolled over at higher rates that had been gained threw to five years go. This means wholesale funding costs are still growing even as banks rely more on deposits. Westpac Banking has lowered its mortgage loan rate by just 18 basis points, and at Commonwealth Bank of Australia and National Australia Bank the cut is 20 basis points.
Publication Date: 8 October 2012
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED - ASX ANZ
WESTPAC BANKING CORPORATION - ASX WBC
COMMONWEALTH BANK OF AUSTRALIA - ASX CBA
NATIONAL AUSTRALIA BANK LIMITED - ASX NAB
RESERVE BANK OF AUSTRALIA
AUSTRALIAN BROADCASTING CORPORATION
AUSTRALIA.DEPT OF THE TREASURY
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