Reserve Bank should require transparency on bank funding costs

Finsec has called on the Reserve Bank to provide the same analysis on banks’ funding costs that the Australian Reserve Bank recently undertook (and featured in last week’s Gossip), in light of this week’s rise of the Official Cash Rate.

“With interest rates set to rise it is critical that increases are fair and customers are not paying more than they have to,” said Finsec Campaigns Director Andrew Campbell. “The recent Australian Reserve Bank report and subsequent analysis by the Sydney Morning Herald, has armed Australians with crucial information about the banks’ actual funding costs. New Zealanders do not currently have access to the same information.”

Finsec will be writing to the Reserve Bank asking them to conduct regular public analysis on banks’ funding costs and what proportion of borrowers’ payments are due to actual increases in funding costs, and what proportion are funding bank profits.

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