Inquiry finds banks failed to pass on cuts
“Statistical evidence produced to the inquiry showed that while most interest rates had fallen since the global financial crisis began late last year, major banks had not passed on the full impact of OCR cuts into short-term interest rates charged to customers,” says Labour finance spokesperson David Cunliffe of the results of the parliamentary banking inquiry by Labour, the Progressives and the Greens.
Which just goes to show that Dr Bollard is probably wasting his time trying to give the Banks advice on how to run their businesses. They know what they’re doing. They’re making money.