What interesting times we live in. Banks have passed on some of the OCR cut to borrowers on floating rates, but not the full 25 basis points (except for The Co-Operative Bank). They claim increasing whole funding costs as the reason for their moves.
Meanwhile, ASB has made cuts to many of fixed rates from six months to three years. Go figure.
The Co-operative Bank was passed on the full 25 basis point cut. Its chief executive Bruce McLachlan explains why. [Read On]
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