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Increase rates or limit lending: ANZ

Staff Reporter 1 minute read

ANZ announced this afternoon that it will increase the interest rate on its variable rate products by 0.35 per cent.

The bank’s group managing director of personal banking Brian Hartzer said the decision was due to the increased cost of funding and continued tightening of global liquidity supplies.

If the bank did not pass these costs on to consumers he warned that the bank might have to limit the amount of money it lends to borrowers.

“We have been absorbing a significant part of the increase in the cost of funds, but unless we strike a balance between absorbing some of the increase and passing some on to customers, we will ultimately be limited in the amount we are able to lend customers to buy houses or expand their businesses,” Mr Hartzer said.

Published: 11-03-08

Increase rates or limit lending: ANZ
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