Westpac still pondering rates
(4 November 2010 – Australia) Westpac’s chief executive Gail Kelly has denied holding back the bank’s rate decision to let the Commonwealth Bank take the heat.
Mrs Kelly said the board’s full focus of late has been on delivering its annual earnings and they hadn’t begun to contemplate a move.
'It's a very important day for us to do that and we need to do it properly,' Mr Kelly told reporters.
'So we have not as yet ourselves reflected on interest rate decisions," Mrs Kelly added.
The bank has said that its variable mortgage rate of 7.51 percent was officially "under review" after the Reserve Bank’s official decision to lift the cash rate by 25 basis points.
Mrs Kelly highlighted that the interests of all stakeholders, including shareholders and customers, would be taken into account in the review.
Having been in the position before, Mrs Kelly refused the comment on public and political backlash directed at the Commonwealth Bank for lifting its home loan rate 20 basis points above the RBA’s official decision.
'It is a very competitive environment. It is a strong industry. We have healthy and professional industry relationships," Mr Kelly added.
'It's a very important day for us to do that and we need to do it properly,' Mr Kelly told reporters.
'So we have not as yet ourselves reflected on interest rate decisions," Mrs Kelly added.
The bank has said that its variable mortgage rate of 7.51 percent was officially "under review" after the Reserve Bank’s official decision to lift the cash rate by 25 basis points.
Mrs Kelly highlighted that the interests of all stakeholders, including shareholders and customers, would be taken into account in the review.
Having been in the position before, Mrs Kelly refused the comment on public and political backlash directed at the Commonwealth Bank for lifting its home loan rate 20 basis points above the RBA’s official decision.
'It is a very competitive environment. It is a strong industry. We have healthy and professional industry relationships," Mr Kelly added.
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