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Banks deny rate rise plans

02/10/2009

Speculation is continuing that the big banks are planning to raise interest rates on variable rate mortgages independently of the Reserve Bank. Banks are continuing to have to pay more for wholesale funding as they roll over their debt. The RBA will meet on Tuesday October 6 to decide whether to change the official cash rate from 3.0 per cent. Westpac’s group executive for retail and business banking, Peter Hanlon, agreed there was pressure on funding costs, but said there were no plans to adjust variable rates "in the immediate future".

Source: The Australian



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