Comments on: Banks are bastards… http://www.mortgagerates.co.nz/blog/banks-are-bastards%e2%80%a6/ Find the best mortgage rates online Thu, 10 Sep 2009 22:17:14 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: walter http://www.mortgagerates.co.nz/blog/banks-are-bastards%e2%80%a6/comment-page-1/#comment-8 walter Sun, 21 Jun 2009 23:00:08 +0000 http://dev.mortgagerates.co.nz/blog/?p=6#comment-8 limiting overseas "private" deposits will force the banks to source their funding ex RBNZ.. the recent practise of our banks with their high deposit interest rates caused by the stupid actions of RBNZ the last 5 or 6 years, have now in reality made the RBNZ redundant..its actions are irrelevent to the local banks, and now banks rely on their funding of these "private" deposits, so unless limiting these, the mortgage rates will never come down in tandem with the RBNZ.. in one word, Bollard and co are dumb! And the IRD letting these "private" overseas deposits get away with 1 to 2% tax rates, while we have to pay 39% really stinks.. limiting overseas “private” deposits will force the banks to source their funding ex RBNZ.. the recent practise of our banks with their high deposit interest rates caused by the stupid actions of RBNZ the last 5 or 6 years, have now in reality made the RBNZ redundant..its actions are irrelevent to the local banks, and now banks rely on their funding of these “private” deposits, so unless limiting these, the mortgage rates will never come down in tandem with the RBNZ..
in one word, Bollard and co are dumb!
And the IRD letting these “private” overseas deposits get away with 1 to 2% tax rates, while we have to pay 39% really stinks..

]]> By: Miguel Sanchez http://www.mortgagerates.co.nz/blog/banks-are-bastards%e2%80%a6/comment-page-1/#comment-5 Miguel Sanchez Fri, 12 Jun 2009 04:48:30 +0000 http://dev.mortgagerates.co.nz/blog/?p=6#comment-5 "Likewise I don’t recall the politicians stepping in when the mortgage price war was going on saying that rates were too low and they were worried banks were losing money." Since you mention it... here's the RBNZ in May 2007: "The low level of lending margins has contributed to ever increasing levels of household debt... it is not clear that banks are taking appropriate account of the systemic risks associated with the rapid growth in their aggregate lending." http://www.rbnz.govt.nz/news/2007/3000676.html And margins were actually higher then! “Likewise I don’t recall the politicians stepping in when the mortgage price war was going on saying that rates were too low and they were worried banks were losing money.”

Since you mention it… here’s the RBNZ in May 2007:
“The low level of lending margins has contributed to ever increasing levels of household debt… it is not clear that banks are taking appropriate account of the systemic risks associated with the rapid growth in their aggregate lending.”

http://www.rbnz.govt.nz/news/2007/3000676.html

And margins were actually higher then!

]]> By: Mortgage Rates Blog - mortgagerates.co.nz http://www.mortgagerates.co.nz/blog/banks-are-bastards%e2%80%a6/comment-page-1/#comment-3 Mortgage Rates Blog - mortgagerates.co.nz Thu, 11 Jun 2009 22:29:20 +0000 http://dev.mortgagerates.co.nz/blog/?p=6#comment-3 [...] Reserve Bank governor Alan Bollard would like to see them come done some more, but as this earlier post says, the central banks and politicians are impotent on this [...] [...] Reserve Bank governor Alan Bollard would like to see them come done some more, but as this earlier post says, the central banks and politicians are impotent on this [...]

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