ING Direct mulls over raising rates
CBA and Westpac have signalled that out of cycle rate rises are inevitable as banks deal with higher funding costs. ING DIRECT’s chief financial officer Mark Mullington said it had not thought about lifting rates above the RBA. “We understand how our pricing plays a big part in our customer’s lives. We know that an extra 15 basis points can hurt our borrowers,” Mr Mullington said.
“We are in this industry for the long term and we are not going to make friends by lifting rates unnecessarily. That said, we are a business, we will look at issues like funding costs as they arise and move in accordance with our findings.”
Source: The Advisor