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Banks warned to limit rate rises

08/02/2010

The banks have been warned they will face the wrath of the Australian government if they raise rates over and above movements by the Reserve bank of Australia. The government announced on the weekend that the wholesale funding guarantee will be removed from 1 March, leaving banks to find money on global credit markets themselves without the backing of the federal government’s AAA credit rating.

'If any major bank were to attribute some move above the Reserve Bank's to this decision they would be wrong and would incur the wrath, not just of the Australian people, but of the Australian government,'' said Treasurer Wayne Swan.

Source: Sydney Morning Herald



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