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Video: Bollard urges banks to cut rates

Posted in News January 29, 2009 - 11:36am, Bernard Hickey

Reserve Bank Governor Alan Bollard has again urged banks to pass on the cut in the OCR to mortgage rates.

Bollard cut the OCR by 150 basis points to 3.5%.

"To ensure the response we are seeking, we expect financial institutions to play their part in the economic adjustment process by passing on lower wholesale interest rates to their customers," Bollard said in the statement with the rate cut.

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