Ian Guider: Why the banks don’t want rate cuts
Agreeing to a voluntary reduction now might stave off legislation, writes Ian Guider
Why is it that some banks still have variable rates above four per cent when their cost of funds is much lower? There's no simple, and honestly, easy answer. Sure the banks can access wholesale funding at very cheap rates. They can also borrow almost limitless amounts from the European Central Bank at nothing and will be able to do so for many years.
Yet, one of the obvious reasons rates still remain high compared...
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