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Sunday, June 14, 2009

Westpac to reduce lending rates later this month

Westpac Banking Corporation Limited will reduce its business index lending rate by 1% and its variable rate on housing loans by 1.5% and its variable rate on investment property loans by 1% on 22 June 2009.

No reduction in deposit rates have been announced by the bank.

The reduction follows a lead taken by ANZ Banking Group Limited to reduce lending rates across the board by 0.5% by 1 June 2009.

These follow a policy directive taken by the Reserve Bank of Fiji in mid April 2009 requiring banks to reduce their weighted average lending rates to the levels they were as at end December 2008 and to cap their interest spreads (i.e. the difference between a bank's weighted average lending rate and it's weighted average cost of funds) to 4% within 3 months from mid April 2009.

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