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One More Time, for the Dummies

RBA Deputy Governor Ric Battellino says it again for the hard of hearing:

“People feel there is, or there should be, a rule that says banks can’t actually set any rates more than the official interest rates set by the Reserve Bank,” Mr Battellino said.

“That rule doesn’t exist, it has never existed, and it would be quite risky for the financial system to have such a rule.”...

Mr Battellino said bank margins had not changed in six years, remaining between 2.25 per cent and 2.5 per cent.

 

posted on 18 November 2010 by skirchner in Economics, Financial Markets, Monetary Policy

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