ANZ retracts interest rate promise
ANZ chief executive Mike Smith has retracted a statement made earlier on the week, where he was quoted as saying the bank would not move interest rates above the RBA’s official rates.
Smith said earlier reports that he had made a pledge to keep the bank’s interest rate moves in line with those of the RBA were incorrect.
“I said I would be reluctant to move (rates) beyond a (RBA) rate increase,” Mr Smith told analysts after unveiling ANZ’s annual profit result.
“I wouldn’t say I wouldn’t do it.”
Smith’s recent comments echo those made by NAB chief executive Cameron Clyne.
Clyne said they are committed to being competitive, and that they had no immediate plans to move outside the RBA, but could not make any guarantees.
ANZ chief executive Mike Smith has retracted a statement made earlier on the week, where he was quoted as saying the bank would not move interest rates above the RBA’s official rates.
Smith said earlier reports that he had made a pledge to keep the bank’s interest rate moves in line with those of the RBA were incorrect.
“I said I would be reluctant to move (rates) beyond a (RBA) rate increase,” Mr Smith told analysts after unveiling ANZ’s annual profit result.
“I wouldn’t say I wouldn’t do it.”
Smith’s recent comments echo those made yesterday by NAB chief executive Cameron Clyne.
Clyne said NAB is committed to being competitive, and that they had no immediate plans to move outside the RBA, but could not make any guarantees.
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