Rates Round Up
Bollard happy for banks to offer deposit deals; RaboPlus boosts term deposits after OCR review; RBNZ calls for submissions on rules for non-bank deposit takers
Sunday, 14 June 2009
Bollard happy for banks to offer deposit deals
Those rates should be driven by the market, and he didn't expect it would keep short-term lending rates high, which was more symptomatic of the banks' need to attract offshore funds, he said.
Last week, both Bollard and the committee raised concerns banks weren't passing on cuts to the official cash rate in their short-term lending rates.
RaboPlus boosts term deposits after OCR review
The bank raised one-year saving rates 20 basis points to 3.05%, two-year rates rose 25 bps to 4.1%, three-year returns increased 25 bps to 5.35%, four-year rates advanced 30 bps to 5.9%, and five-year deposits rose 30 bps to 6.4%.
RBNZ calls for submissions on rules for non-bank deposit takers
The new regime will set the boundaries for deposit takers to manage their risks in taking deposits and will probably force greater disclosure among lenders.
The Reserve Bank will likely operate as the regulator of the prudential regime. Submissions close on June 29.
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