Prime Minister Bill English has ruled out allowing the Reserve Bank to bring in debt-to-income ratios. It had suggested limiting loans to no more than five times borrowers’ incomes.
The Reserve Bank’s OCR statement made it clear hikes are a long way off but its tone was still far less dovish than economists were expecting.
The Reserve Bank has left the official cash rate at 1.75%, and says is it likely to stay there for "a considerable period". Here is what the governor, Graeme Wheeler said.
ASB talked up its investments in digital technology, such as its fixed rate rollover tool, when it announced its first-ever $1 billion profit, but one of its first ventures into offering new services to customers looks doomed.
First Cut - ASB has reported statutory net profit after tax of $1.07 billion for the 12 months to June 30. This represents a 17% increase on the prior comparative period. (Full story to follow)
What an interesting week it has been for ASB Bank. First up the bank cracked the $1 billion profit mark for the first time ever. While some people will look at this with opprobrium it's a credit to the bank especially considering how difficult the lending environment is at the moment.