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Sunday, June 03, 2007

Westpac to reduce lending rates further

Westpac will reduce its lending rates further in June by a total of 0.5%. The first of these to come into effect on 11 June 2007 will be a reduction of 0.25% while the second reduction of another 0.25% will take effect on 25 June 2007.

Westpac says that the reduction of its business and consumer base lending rates indicates the improved liquidity position that the bank has experienced since the recent reduction of statutory reserve deposits requirements (i.e. deposits required to be held with the Reserve Bank of Fiji) in May.

The bank said that it would continue to monitor liquidity in the banking system and will review its interest rates accordingly.

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