Major banks rush to pass on rate cut to customers

Mon, 16 Mar 2020

Westpac was the first of the major banks to promise to fully pass on the Reserve Bank's slashing of its official cash rate cut in reaction to what one expert is calling the one-in-200 year event the central bank had been modelling.As well as cutting the OCR from 1 percent to 0.25 percent, an unprecedented move, the RBNZ has also delayed by at least a year the start date for banks to increase their capital holdings."Westpac NZ is passing on the full 75 basis-point rate cut," the bank said in a brief statement.It later said it is cutting its floa...

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