ANZ vows to toe interest rate line

ANZ vows to toe interest rate line

27 October 2009 by Staff Reporter 0 comments

ANZ Bank has promised to keep step with the Reserve Bank’s adjustment to the cash rate when the Board meets in November.

According to a report in Herald Sun, ANZ chief executive Mike Smith said the bank would not deviate from the RBA rate cycle until it becomes clear that Australia has come out the other end of the GFC.

"I'm concerned we're in a quite fragile stage of recovery (and) I'm reluctant to move above the Reserve Bank, right now, because I can't see how it would be in the best economic interests of Australia,” Mr Smith told the Herald Sun.

ANZ’s announcement will put pressure on the other majors to follow suit and shelve home loan rate increases.

ANZ Bank has promised to keep step with the Reserve Bank’s adjustment to the cash rate when the Board meets in November.

According to a report in Herald Sun, ANZ chief executive Mike Smith said the bank would not deviate from the RBA rate cycle until it becomes clear that Australia has come out the other end of the GFC.

"I'm concerned we're in a quite fragile stage of recovery (and) I'm reluctant to move above the Reserve Bank, right now, because I can't see how it would be in the best economic interests of Australia,” Mr Smith told the Herald Sun.

ANZ’s announcement will put pressure on the other majors to follow suit and shelve home loan rate increases.

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