Mortgage News

MPs slam banks over interest rates

Tuesday 9th of June 2009

 

The Finance and Expenditure Committee report raised concerns about the banking sector's response to the recession, finding the Reserve Bank's series of cuts to the OCR had not been passed on in their entirety by New Zealand's banks, while banks' profit margins had declined marginally in the past year, due mainly to provisioning against future credit losses.

The banks' refus...

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