INDEPENDENT NEWS

Westpac announces withdrawal

Published: Fri 10 Dec 2004 04:26 PM
10 December 2004
Westpac announces withdrawal of 18 and 30 month special rates
Westpac has today announced that it will remove its 6.99% 18-month and 7.19% 30-month special fixed rates from 5pm 17 December.
The move occurs in the wake of indications from the Reserve Bank of New Zealand, surrounding its Thursday decision not to change the Official Cash Rate (OCR) from 6.5%, that persistent strength in the New Zealand economy meant that an OCR increase was more probable than a reduction in the near term.
Competition on fixed-rate pricing was based on an early easing in the rates.
Westpac has previously said that the current fixed-rate price ‘war’ is unsustainable. The removal of the special rates reflects the bank’s belief that, given the RBNZ’s view of near-term prospects, a lead needs to be taken on returning fixed rates to a more sustainable level and, further, that price is only one element of a customer relationship.
New rates for the 18-month and 30-month terms will be advised on 17 December.
ENDS

Next in Business, Science, and Tech

NZ EU FTA Coming Down To The Wire – Hold The Line, Says Business Forum
By: NZ International Business Forum
NZ space sector set to star in Moon mission
By: Ministry of Business Innovation and Employment
The Sky Is The Limit - Air New Zealand To Relaunch 14 International Routes In 16 Days
By: Air New Zealand
Cashing In On Carbon: The New Carbon Marketplace Helping Native Forest To Thrive
By: Carbonz
Entrust Dividend Will Be Welcomed After Another Tough Year
By: Entrust
NZ Economy: Prevailing Headwinds
By: BusinessNZ
View as: DESKTOP | MOBILE © Scoop Media