MPs attack banks

The Herald reports:

MPs yesterday attacked banks for not passing on interest rate cuts to customers while turning in high profits during a recession.

The rebuke came a day before the Reserve Bank reviews its official cash rate, which stands at 2.5 per cent, and days after some banks increased their long-term fixed interest rates.

Parliament’s multi-party finance and expenditure committee said in a hard-hitting report that it was “concerned that some banks have not passed on the latest … cut to the official cash rate in their interest rates for floating mortgages”.

Not surprised MPs were unanimous on this. Attacking banks is almost as popular as attacking paedophiles!