Bank drops lending rate
PA Wellington The Bank of New Zealand yesterday reduced its base lending rate by one per cent to 16.75 per cent effective from July 25. The reductions reflected an easing in the cost of funds to the bank and borrowing costs will reduce for most cus-
tomers, the chief executive, Mr Bob McCay, said. “There was now some evidence New Zealanders were coming to grips with a lower interest rate structure and were adjusting their investment return expectations accordingly,” he said. Personal loan rates will
be cut to 18.5 per cent from 21.5 per cent, unsecured personal loans to 20 per cent from 23 per cent, and credit card rates to 23.5 per cent from 25 per cent from the same date. Some changes to deposit rates will also occur over the next few weeks, the bank said.
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Press, 19 July 1988, Page 16
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142Bank drops lending rate Press, 19 July 1988, Page 16
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