ME Bank pips ANZ on rates decision

by Adam Smith11 Apr 2012

ME Bank has become the first bank to announce a rate decision following the RBA's rate hold last week.

The bank has announced it will leave rates untouched for the third consecutive month. ME Bank pipped ANZ with the announcement, as the major prepares to declare its rate decision on Friday.

ME Bank chief executive Jamie McPhee pointed to the bank's previous moves, saying it had passed on last year's November and December rate cuts in full while keeping rates steady in February and March. But McPhee warned that funding pressures could eventually see the bank raise its rates.

"If funding costs remain elevated then absorbing these increasing costs cannot occur forever. However, ME Bank remains committed to providing low cost, straightforward and transparent banking, whilst balancing the needs of customers and shareholders," McPhee said.

Related stories:

RBA cut could deliver $55m boost to economy

RBA sits tight again

RBA may move, but banks will wait for ANZ



  • by VB Member 11/04/2012 11:36:05 AM

    Ha, MEBank have gazumped ANZ & won the PR race for being first to announce it is doing nothing! Sounds like a Seinfeld episode!