AAP General News (Australia)
08-10-2008
Fed:Non-bank lenders will not disappear: Bowen
Federal Assistant Treasurer CHRIS BOWEN says non-bank lenders will not disappear completely
.. and will provide competition for traditional retail banks.
The global credit crunch has hit non-bank lenders hard because of their increased borrowing
costs .. and data shows that retail banks are increasing their market share of the home
lending market.
But Mr BOWEN's told the Ten Network .. its a little dramatic to say there won't be
any non-bank lenders.
He also says any reduction in interest rates by the Reserve Bank must be passed on
by retail banks to their customers.
The RBA last week signalled that it could soon start lowering its official cash rate
.. but major retail banks say they can't guarantee they'll follow suit.
Mr BOWEN says the government's plan to make it easier for people to change banks will
come in in November.
AAP RTV cb/tm/
KEYWORD: BANKS BOWEN (CANBERRA)
2008 AAP Information Services Pty Limited (AAP) or its Licensors.
No comments:
Post a Comment