RBA Interest Rate cut

[Creac]

BTW - I haven't seen any announcement by NAB - if you have links I'd be interested.

ANZ's cut is effective 27th, for those who have variable loans with them.

They're also reviewing deposit rates, so if you're in cash at the moment, expect that to slide (but at least be more stable than stocks atm).

[Hiroki]

I wasn't 'trying' to be funny, I was bloody well succeeding

Point still stands though.. I'm sure as much as you know.. which IS a hell of a lot more than me, you don't know as much as the people behind NAB's decision.

As for a link.. well I heard it on the radio on the drive home from work, and I don't really care that much to go looking for it.

[Creac]

I'll see what I can find - it's possible it was misreported since ANZ is the one that's been through the press and the markets.

And, you're right, I don't know as much as they do - I'm not privy to what they know internally and I've been out of banking for many years. However, I still fully comprehend the underyling functions, principles and situation.

FWIW, ANZ is in quite a good position having just received approval to provide commerical banking services in Vietnam. That makes them one of three, with HSBC and Standard Chartered the other two (who have operated there for many years).

In such a controlled environment, despite the lackluster performance of the Vietnamese economy (even though it was once touted as one of the new tigers), they will make a good return. That income stream and potential new deposit base although small in an overall sense, no doubt encouraged their move.

If the NAB has followed suit, it will be interesting to see what other comments they make.

[Micahle]

Thanks for the updates Creac, a lot of what's going on atm now at least makes some sense to me

[curtis]

I don't give a rats arse wether the Banks have reasons or justification. All I know is my mortgage lender RAISED interest rates .25% 1 day before the last RBA rate cut and they haven't budged .001% THIS rate cut either. they are fucking thieves.

[Aedryen]

ya I only got 0.3% of the 1% cut to but I'm not going to whinge just yet, once things settle down I'll compare and decide what to do. As creac as said I would rather our banks be stable then they go under and we are all fucked

[Creac]

http://www.abc.net.au/news/stories/2008 ... 395190.htm

NAB has followed today (and Aussie did as well).

Good commentary there pointing to why the cost of funds is coming down now (as well as the competition factor).

[Jarinu]

Aye the bottom line hasnt been hurt profits are safe. Now we need to protect our market share....

[Angelsheart]

The Bank of Japan has cut its benchmark interest rate to 0.3% to stem damage on the economy from the global financial crisis.

from 0.5%

We should be ever so lucky

[Marakesh]

I got a full 0.5% mortgage rate cut from ING direct in the UK

[Jarinu]

Well the US gets a 1% cash rate cut down to 1%

We get another .75% cut from the RBA to 5.25%. Horray. Well we dont get it the banks get it....

1 bank responds with a starteling .58% cut. Comeon. Seriously what the fuck do they take us for... idiots? Every single analysist has been talking about a .5% rate cut all month you mean to tell me they are not ready to make their own announcements yet?

Only 1 of the top 4 banks has reported a DECREASE in their profits in the last quarter. The specific delaying of passing on rate cuts to its customers is only in the interest of its own profits.

I worked out what the central bank controlled cash interest rate actually is - Its a type of Tax through via.

fkers!