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Fed Farmers attack banks for not passing on all of wholesale rate cuts
Federated Farmers attacked banks again on Monday for not passing on all the recent cuts in wholesale and official interest rates to farmers' overdraft rates, saying banks appear to be offering much lower home mortgage rates at the expense of high business and farm overdraft rates.
Federated Farmers said a survey of 123 members in February found that their average business overdraft rate had been reduced by 54 basis points since the end of January to 9.62%.
"Since 4 December 2009, 300 basis points have been cut from the OCR and 90 day interest rates have fallen from 5.36 percent to 3.04 percent. Yet farm businesses, on average, have seen only 156 basis points of this translated into their overdraft facilities," said Federated Farmers President Don Nicolson.
"With further steep cuts to 90 day interest rates in recent weeks, the banks must urgently review their lending rates and quickly implement any cuts," Nicolson said.
Federated Farmers pointed out residential mortgage rates had fallen 414 basis points since August last year.
"Although we are not strictly comparing like with like, farmers are concerned that residential mortgage holders are enjoying the fruits of intense competition while farm businesses are not," Nicolson said.
1 Comments
You would think that these
You would think that these guys in charge should realise that the banks are factoring in a whole lot of risk, the cockies should be paying off that nasty overdraft, rather than trying to limit how much they pay for it. "Oh, our cashflow is crap" they say, "put it on your mortgage" I say. "The bank won't let us increase our mortgage, we can't service the debt we have" they say.
"Sounds like your bussiness is f**ked, no wonder the banks want to charge you heaps"
So to the farmers; take the hint from the banks, reduce your liabilities and realise that cashflow does not equal overdraft extension.
Interest rates are just a part of your future funding problems!
And to the banks; be afraid of your rural lending exposure, be very afraid.
yeah- what other businesses would
yeah- what other businesses would accept 1% ROI
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