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  • I sure hope your signature line is not what the National GOVT is going to do with this crisis muppet

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    • All Govts are doing this exceedingly well at the moment I think.
      "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

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      • Originally posted by SmallBrain View Post
        It's almost certain that the OCR will not drop to 1%, unless the RBNZ wants to collapse the NZD. The deputy governor of RBNZ has recently conceded that monetary policy is running out of puff globally. Could be a hint that they would be scaling back the recent aggressiveness.

        My bet is the next OCR review will be conservative, likely a cut between 50 to 100 basis points, and I lean toward 50, bringing the OCR to 3%. The OCR could even stay at 3% for most of the year, allowing a bit of ammo left for the RBNZ to use later this year and in 2010.
        Just re-posting my thoughts here on the main forum.

        Comment


        • its a good thought...time will tell...low ineterst rates create many dangerous assumptions about what is what in a already disfunctioning economy...

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          • ASB has put UP their 3, 4, 5 year rates. Bank Direct has put UP their 3 & 5 year rates (no 4 year rate on offer).

            An interesting development, when you consider this report from ASB.

            Are the ASB being pre-emptive or are they the "leading edge" of future interest rate rises??
            Patience is a virtue.

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            • ASB overshot the market by dropping 5 yr rates below 6%. By raising these rates they are simply charging what the market will bear, in line with the other lenders.

              Come March OCR review (poss 0.5% drop) there should, in theory, be continued reductions in the longer term rates.

              But with the s*** hitting fans all over the US at the moment, anything is possible!

              Throw your heart over the bar and your body will follow - Norman Vincent Peale

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              • Yeah if you compare them with others they are well below everyone elses so I'm guessing they are bringing them closer.
                Nigel Turner

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                • Originally posted by nzfrazer View Post
                  But with the s*** hitting fans all over the US at the moment, anything is possible!
                  I think you will find its a Global meltdown...

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                  • Kiwibank cuts floating loan rate

                    19 February 2009


                    Kiwibank has cut its floating home loan rate by 0.5 percent to a historic low of 5.99 percent.

                    The state owned bank’s chief executive Sam Knowles said there were strong indications there would be a further cut by the Reserve Bank to the Official Cash Rate next month and Kiwibank was cutting in anticipation of this.

                    Knowles said the present interest rate market was “extraordinary”, having seen the floating rate fall from a high of 10.20 percent five months ago to the current 5.99 percent.

                    In comparison, the variable rate at ANZ and National Bank is 6.95 percent, ASB’s is 6.90 percent and BNZ’s TotalMoney rate is 6.49 percent.

                    The Reserve Bank will next consider a change to the OCR, which is currently 3.5 percent, on March 12.
                    Patience is a virtue.

                    Comment


                    • Westpac follows Kiwibank rate cut

                      Westpac follows Kiwibank rate cut

                      By ADRIAN CHANG - BusinessDay.co.nz | Thursday, 19 February 2009


                      The mortgage rate price war is entering a new phase with Westpac following Kiwibank's cut to floating rates by trimming both floating and six month fixed rates.
                      Westpac today cut its floating home loan rate to 6.49 per cent, down from 6.89 per cent. It also dropped its six month fixed rate to 5.79 per cent from 5.99 per cent.
                      This makes Westpac's six month rate the lowest in the market after BNZ's classic rate of 5.69 per cent.
                      However, Kiwibank still leads the field on floating rates, having cut its rate by 0.5 per cent to a historic low of 5.99 per cent earlier today.
                      The state owned bank's chief executive Sam Knowles said there were strong indications there would be a further cut by the Reserve Bank to the Official Cash Rate next month and Kiwibank was cutting in anticipation of this.
                      Westpac acting chief executive Bruce McLachlan said he believed there were still many uncertainties over the OCR review, but wanted to be proactive as people were looking closely at short- term rates in the current environment.
                      Knowles said the present interest rate market was "extraordinary", having seen the floating rate fall from a high of 10.20 per cent five months ago to the current 5.99 per cent.
                      In comparison, the variable rate at ANZ and National Bank is 6.95 per cent, ASB's is 6.90 per cent and BNZ's TotalMoney rate is 6.49 per cent.
                      The Reserve Bank will next consider a change to the OCR, which is currently 3.5 per cent, on 12 March.


                      http://www.stuff.co.nz/4852884a13.html
                      "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

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                      • Westpac is now also the 4th largest bank in the world.

                        A year ago it wasn't even in the top 30

                        Comment


                        • Originally posted by tpr2 View Post
                          A year ago Westpac wasn't even in the top 30.
                          Does it depend on just how you mean by that?

                          Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

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                          • WestPacs ability to keep running the ponzi scheme has improved then?

                            I could think of another verb to fit that space, and a catchy tune do da...

                            Comment


                            • Originally posted by tpr2 View Post
                              Westpac is now also the 4th largest bank in the world.

                              A year ago it wasn't even in the top 30
                              Which are the top 3 now?

                              As a small... no... make it tiny shareholder of Westpac, I'm happy :-)

                              Comment


                              • The following is a list of “The World’s Top 10 Banks for 2008″ based on assets held as of April 30,2008:
                                Bank Rank Assets - US $ Millions
                                The Royal Bank of Scotland Group plc , Edinburgh , UK 1 $3,782,880.00
                                Deutsche Bank AG , Frankfurt am Main , Germany 2 $2,953,727.00
                                BNP Paribas SA , Paris , France 3 $2,477,272.00
                                Barclays PLC , London , UK 4 $2,442,996.00
                                Credit Agricole SA , Paris , France 5 $2,067,577.00
                                UBS AG , Zurich , Switzerland 6 $2,007,224.00
                                Societe Generale , Paris La Defense , France 7 $1,566,904.00
                                ABN AMRO Holding NV , Amsterdam , Netherlands 8 $1,498,849.00
                                ING Bank NV , Amsterdam , Netherlands 9 $1,453,382.00
                                The Bank of Tokyo-Mitsubishi UFJ Ltd , Tokyo , Japan 10 $1,362,598.00
                                Source: BankersAlmanac.com’s ranking of the world’s largest banks.
                                "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

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