Parliament to look at inquiry into bank interest rates, profits

Parliament’s finance and expenditure select committee is investigating whether it needs to run an inquiry into bank profits, and whether banks have passed on cuts to the Official Cash Rate since last July to customers.

Though John Key has questioned what could be achieved by such a review, other MPs have raised concerns about profit gauging and whether current interest rates are unfair.

Bank CEOs are naturally resisting any move to examine their profits. Andrew Thorburn from the BNZ rejected claims that his or any other bank in New Zealand was taking advantage of customers. Westpac CEO George Frazis said that there is no need for a parliamentary inquiry into interest rates, saying the sector is competitive, highly regulated and the performance of individual rates is transparent.


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